Utilizing International Ship Financing in China

By Gao Yanming, Chairman of Hebei Ocean Shipping Co., Ltd.

As Chairman of Hebei Ocean Shipping Co., Ltd., Gao Yanming has overseen a meteoric rise in the company’s fortunes over the last seven years. Hebei, or HOSCO, went from a fleet of only 64,000 dwt, which was on the verge of bankruptcy when Mr. Gao was appointed as General Manager in 1998, to a rising star with over 5.1 million dwt, having grown by 23 ships in 2004 and 2005 alone. (In fact, you may notice that HOSCO’s fleet is growing so rapidly that the numbers have changed since the time of this speech.) To fund such rapid expansion, it is only logical that Mr. Gao should know a thing or two about relationships between the international capital markets and Chinese shipping companies. This speech was given at Shipping China – 2005, Shanghai.

As you all know, the shipping industry is highly capital-intensive. To achieve its rapid growth in China, one of the challenges has been to have effective financing solutions available. While we have access to the resources of domestic Chinese capital, we China’s shipowners should make more efforts to utilize international capital to prompt our expansion.

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