Dry CargoFinance and InsuranceGreater China

China Exim Bank to finance 10 valemaxes for China Merchants

China Merchants Energy Shipping (CMES) is expected to secure a financing deal with China Exim Bank for the construction of 10 valemaxes.

China Merchants Group signed a strategic agreement with China Exim Bank in December. Under the agreement, China Exim Bank will offer financing support for China Merchants Group for a series of projects including energy shipping, offshore equipment, overseas acquisition, and infrastructure development.

An official at China Merchants told Splash that the financing deal for valemaxes is still under discussion.

CMES signed shipbuilding contracts for the construction of ten 400,000dwt VLOCs with three domestic yards, Waigaoqiao Shipbuilding, Beihai Shipbuilding and China Merchants Heavy Industry, in March.

Total value of the vessels is about $850m, and deliveries are scheduled between the first half of 2018 and the end of 2019.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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