(MENAFN- Asia Times) Since 2017, many European banks, the traditional biggest fund providers for ship financing, have reduced the scale of credit and sold off ship assets. Meanwhile, steering an opposite course in the hopes of fair winds, Chinese-funded institutions have boldly started to increase financing for the shipping industry,
At present, Chinese-funded institutions have provided one-fourth of the financing for the global shipping industry, becoming a new major investor in the world, said Shen Lei, director of the Dongjiang Free Trade Port Zone in Tianjin city.
China's financial leasing companies represented by ICBC Leasing, Bank of Communications Financial Leasing and Mingsheng Financial Leasing have emerged as new forces in the global shipping capital market, helping shipping firms to accelerate their capacity optimization, revitalizing their existing assets and easing capital pressures, Shen added.
According to data from the former China Banking Regulatory Commission, by the end of March 2017, 23 out of the 60 existing Chinese financial leasing companies have carried out vessel leasing operations, with a total 989 vessels and 113.9 billion yuan (US$17.97 billion) of assets.
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