China State Shipbuilding Corp (CSSC) has clinched a huge financing deal with the Bank of Communications.
According to local media reports, the restructuring shipbuilder has secured credit facilities of CNY 40bn (5.79bn) over the next five years.
CSSC’s chairman Dong Qiang explained that the timing is right for the shipbuilding group, as it is in the middle of an internal reform.
Like many other Chinese and South Korean yards, CSSC has been negatively affected by a lack of newbuilding orders.
