Monday, April 30, 2018

"Chinese Leasing Firms a New Force in Global Shipping"

The Ireland of the East?*
From Asia Times:

In hopes of fair winds, Chinese-funded institutions have provided one-fourth of the financing for the global shipping capital market
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, Yicai.com reported.

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...MORE