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Jinhaiwan Shipyard to work with China Bohai Bank

EAST China’s Zhoushan Jinhaiwan Shipyard has recently signed an agreement to allow China Bohai Bank to get involved in its day-to-day operations after it gained a Yuan450m ($65.8m) loan from the bank’s local branch in Hangzhou. The bank will co-operate with Jinhaiwan in merger and acquisition, supply chain management, buyer credit as well as sales day operations in the next five years. Privately-run Jinhaiwan is mainly engaged in the building of 176,000 dwt bulkers, 110,000 dwt tankers and very large crude carriers. It has orders of $4bn on hand. A sales executive of Jinhaiwan said the yard is now developing a new ship model of 158,000 dwt tankers. The yard’s largest existing buyer is Norway’s Golden Ocean, which has ordered 10 kamsarmax bulkers from Jinhaiwan.

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