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Where is China in the Ship Demand Cycle…Take a look at their Energy Demand
With China’s banks bursting with domestic savings, foreign banks could be squeezed out of energy- related shipping projects by as much as 40 or 50 basis points—and foreign institutions will have to be more creative in structuring deals, using tax lease and other vehicles, to get in the game, cautions a Hong Kong- based shipping banker.
Arnold Wu, BNP Paribas’ Hong Kong-based Asian head of shipping services told Marine Money that China’s first liquefied natural gas (LNG) terminal to be built across the border from Hong Kong in southern Guangdong province is being almost entirely underwritten by Chinese banks. Beginning 2005, the terminal, the first of a projected three along the China coast, is slated to begin receiving LNG from Australia’s Northwest Shelf delivered by transport franchise holders COSCO and China Merchants.
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Tags: · BNP Paribas, China, Chinese Energy Consumption China, Joel McCormick, LNG, VLCC
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