Chinese fund for Greek shipowners
Tuesday 15 March, 2011
In a development widely reported by the maritime trade press, the Chinese government has established a special fund that will assist Greek shipowners in financing vessels built in Chinese yards. Having originally pledged US$5 billion, Chinese banks have spoken of the potential to extend the fund and improve the speed of closing loan transactions in order to stay competitive with other lenders.
The Chinese and Greek markets have grown close in recent years, with COSCO's involvement in the Port of Piraeus a sign of China's commitment to the Greek market. This fund is seen as an attempt to boost the Greek orderbook in China.
With shipbuilding and ship finance experts in our offices in Greece, China and Hong Kong, and established working relationships with major chinese banks and shipyards, Ince & Co is well placed to advise those wishing to do business in China. We are retained by buyers, yards, financiers and insurers on newbuilding, repair and conversion contracts and associated finance for all types of vessels, from conventional commercial ships, through to specialist vessels for the offshore industry, including drilling rigs and FPSOs.
Our finance lawyers are involved in all aspects of asset financing and our advice to clients covers the spectrum of non-contentious shipping work including ship finance and leasing transactions, corporate structures for ship ownership and joint ventures, complex structured and syndicated financings, ship sale and purchase, ship construction, ship and mortgage registration and work outs on defaulting loans.
For further information please contact:
Robin Parry
Partner, Piraeus
robin.parry@incelaw.com
Paul Ho
Partner, Shanghai
paul.ho@incelaw.com
David Beaves
Partner, Hong Kong
david.beaves@incelaw.com
Date: Tuesday 22 - Wednesday 23 May, 2012
Location: Dexter House, London
Ince & Co partners Kevin Cooper and Stephen Askins are leading a workshop on “Responding to and managing a Piracy incident” on Wednesday 23 May.
Date: Wednesday 20 June, 2012
Location: London
Ince & Co partner Stephen Askins is participating in the First BIMCO seminar on GUARDCON, the much anticipated GUARDCON standard contract for the employment of security guards on vessels, on Wednesday 20 June.