CCB will not abandon shipping, vice general manager says

Shanghai:China Construction Bank (CCB) will continue to support the shipping industry, said Vice General Manager Zhang Xiangqun of CCB at the International Shipping Strategic Development Forum, held in Shanghai last Friday.

“While some banks might withdraw from the market temporarily. We do not think it is possible to withdraw. The industry is a very cyclical one and we will never abandon it.” Zhang said.

CCB will be focused on providing finance to innovative companies with growth potential, such as those leveraging the current boom in the LNG industry. Zhang pointed to increasing port volume figures as an indicator of growth amid the downturn. The market for oil tankers will bounce back due to long term growth in crude oil demand, he said.[28/09/12]

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