THE Export-Import Bank of China (China EximBank) has pledged CNY24 billion (US$3.5 billion) to finance 58 newbuildings, a scheme distributed among 10 foreign and domestic shipping companies.

The 10 recipients of China EximBank's credit facilities, include China State Shipbuilding Corp (CSSC), China Shipbuilding Industry Corp (CSIC), Maersk Line, and Petrobras. 

The international companies will receive $2 billion and the Chinese firms will receive CNY10.17 billion, reported Colchester's Seatrade Maritime News.

The financing agreement, which was signed at an industry forum held in Beijing, will cover the construction of 14,500-TEU and 20,000-TEU containerships, 1,600-car-capacity ro-ro vessels, 180,000 dwt bulk carriers, 174,000-cubic metre LNG carriers, very large ore carriers (VLOCs), dive support vessels, as well as other high-value ships.

Since 2013, China EximBank has released CNY170 billion ($25 billion) towards ship financing, accounting for 30 per cent of China's ship export market value.