China Exim Bank to finance 10 valemaxes for China Merchants

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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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1 Comment

  1. Avatar
    December 24, 2016 at 1:28 pm

    Now when vale is quite much out of the shipping business, They should rename this class (valemax) of ships as “Sinomax” .