German Shippers Get $1.12 Bln Loan

State-owned Export-Import Bank of China (EximBank) and two German shipping giants, Peter Dohle Shiffahrts-KG and Bernhard Schulte have signed a $1.12 billion loan facility for the purchase of Chinese-built ships, reported Xinhua news agency.

The deal was signed last Friday during the Chinese President Xi Jinping’s state visit to Germany (March 28 – 30 2014).

With this agreement EximBank is hoping to increase the trust between the German shippers and Chinese shipbuilders, making it more likely that major players will place orders for Chinese-built ships.