China loans to Greek shipping companies to double

China will Fund Ships of Greece Those are Made in China

China will Fund Ships of Greece Those are Made in China

The Maritime Affairs Ministry of Greece said on Saturday that China will double the size of a fund offering low-rate loans to Greece’s ship owners, to about $10 billion (£6 billion).

In October last year, China had announced to set up a fund to assist Greek ship-owners buy Chinese made ships.

Greece is a world leader in commercial fleet operations and has around 15 percent market share of sea traffic, but much of its ships are made in the shipyards in the Far-East.

“It is extremely positive that we have doubled this amount to about 10 billion dollars”, said Maritime Affairs Minister Yannis Diamantidis said in a interview to the newspaper Thema. Diamantidis had visited China earlier last week.

“China has pledged that the financing terms for Greek companies will be better than those offered by any other bank in the world”, said Diamantidis.

China Oceans and Shipping Co (Cosco) – the Chinese shipping conglomerate, has promised to charter ships built by Chinese companies, Diamantidis added.

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