Dalian: ICBC, one of the biggest state-owned banks in China, has made plain its preference for supporting larger shipping companies, and has warned it is likely to give up supporting smaller ones.
“As the shipping industry and global economy is not good enough, we’d like to provide ship finance services to big companies or those who have stable cargo resources and long-term ship charter contracts. We will be very cautious about the small companies, and may give them up depending on their financial situation,” said He Xiaoliang, senior manager of the shipping finance division of ICBC, during a finance session at yesterday’s Shiptec China event in Dalian.
The offshore engineering sector seems to be overheated at present, He said, but the offshore energy and oil exploration should be prosperous for a long time and so the bank will pay more attention on this sector and develop a special service model for it.
ICBC has provided financing services to 320 ships to date. [23/10/14]