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ICBC Leasing Provides Strong Support for Shipbuilding Industry in China

A 40-ton ultra-large ore carrier (ULOC) of ICBC Leasing was launched from Qingdao Beihai Shipyard. The ship is the world’s largest ore carrier manufactured by China, which is green, environment-friendly, energy-saving and safe. Compared with the first-generation ULOC, the carrier cuts the transportation cost of unit weight of iron ore by a world-leading 30%.

It is the first ship built under the new ore carrier building project of Vale of Brazil, a cooperation project between ICBC Leasing and China Merchants Energy Shipping. Following system and equipment installation and sea trial, the carrier, together with existing four ore carriers of ICBC Leasing, will provide Brazil-to-China iron ore transportation services for Vale of Brazil, a mine giant in Brazil, by contract of affreightment.

An official with ICBC Leasing said that the VLOC project of Vale of Brazil relied on ICBC Group’s comprehensive financial service and utilized the leasing platform to integrate domestic and overseas cross-sector resources, and played an active role in supporting domestic shipbuilding industry’s transformation and real economy development. The follow-up implementation of the project will help domestic steel industry reduce raw material cost and stay competitive. ,It is also of great significance to optimization of China’s shipping capacity structure and promotion of energy saving and omission reduction of shipping industry.