The Industrial and Commercial Bank of China (ICBC, 601398.SH; 01398.HK) Tuesday signed a financing agreement with Germany shipping company F.Laeisz GmbH.
Under the agreement, the ICBC will provide 65 million U.S. dollars in export buyer's credit for F.Laeisz GmbH's project of upgrading two vehicle ro-ro ships at COSCO Shipyard in Dalian.
This is another financing deal the ICBC signed with a Germany shipping company after it agreed to provide financing support for Peter Dohle last month. An executive at the ICBC said shipping industry is highly cyclical and many Germany shipping companies have looked into Chinese market in the new prosperity cycle.
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