Chinese banks develop ship financing market
BEIGING: China may be a major force in international shipbuilding but Chinese banks only have a five percent share of the international ship financing market, reports Guangzhou Daily, citing Lin Shunhui, the vice director of the Shanghai branch of China Construction Bank.
According to statistics, the amount of ship financing by the top 10 global syndicates dropped by about 60 percent year-on-year in the first half of 2010.
Meanwhile, several Chinese banks, including Industrial and Commercial Bank of China ( 601398, 1398. HK), Bank of China (601988, 3988.HK) and China Minsheng Banking Corporation ( 600016, 1988. HK) have started to develop the export credit business, ship leasing and related financing services.
According to statistics released at the beginning of 2010 by Germanischer Lloyd, a total of 15 shipyards in China had invested about 40 billion yuan to expand their business. This increased their financing demands. - PB News