Gener8 Maritime anticipates fixing Chinese financing by year-end

Gener8 Maritime anticipates fixing Chinese financing by year-end

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.

 

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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