China lures shipowners with attractive financing

According to sources, China's financing conditions for shipowners and drilling rig owners have now become so attractive that the country is virtually breathing down South Korea's neck.

Photo: Hempel

Backed by enormous currency reserves, the Chinese government is now offering foreign shipowners extremely favorable financing conditions, says an unnamed source from a major consulting firm to Asian news media Asiasis. The information surfaced shortly after one of the world's largest shipping banks issued a warning that Asian banks were in the process of prolonging the crisis in global shipping.

The favorable conditions in China come at the particular benefit of the shipyard industry, and several yards are currently in negotiations with shipowners, with talks of surprising and extraordinary financing conditions.

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