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Seaspan CEO: Chinese loans far too expensive

There is little chance that Seaspan will in fact use the billion dollar credit facility the container operator signed with China's CEXIM bank in September, says CEO Gerry Wang according to Lloyd's List.

Photo: Hamborg Havn

Financing from Chinese banks is less attractive than that of competing nations such as Japan and South Korea, says CEO Gerry Wang of container operator Seaspan, which last month secured a billion dollar credit facility from China's Export Import Bank (CEXIM) worth close to USD one billion.

But it is quite simply too expensive, Gerry Wang told Lloyd's List during the International Ship Finance Summit on Monday.

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