Gener8 Maritime anticipates tying up Chinese funding for six newbuilds by the end of the year.
The tanker operator has an order for a series of VLCCs at Shanghai Waigaoqiao Shipbuilding. Gener8’s CFO Leo Vrondiss said yesterday he expects contracts with the Export-Import Bank of China (Cexim) and China Export and Credit Insurance (Sinosure) to be fixed within the next six weeks. He admitted that getting all documentation done in China had taken longer than in other countries, a familiar complaint from foreign owners tapping China for funds.
Cexim will supply $391.3m in financing which would be insured by Sinosure.
Peter Georgiopoulos-led Gener8 has around 20 tankers still to deliver from yards across East Asia.