China’s growing array of leasors are adding to the global bulker orderbook. Clarkson Research reports in its latest weekly report that Jiangsu New Yangzijiang has signed a contract with China Development Bank Leasing for five firm plus five optional 208,000 dwt newcastlemaxes. The firm units are due to be delivered in 2019 and 2020 and upon delivery will go on charter to Cargill. Yangzijiang has become a market leader in the construction of newcastlemaxes in recent years.
China’s leasors are rapidly filling the gap in ship finance left by exiting European banks. Last year 13 of the top 23 lenders worldwide were Chinese banks or leasing companies.
Writing for Splash last month, ship finance veteran Dagfinn Lunde commented: “China has done well filling the ship finance gap left by many European banks. The fact is shipping is not short of available loans, you just have to look east. The taps get turned on to keep yards busy.”
