The Industrial and Commercial Bank of China (ICBC), one of China’s leading state-owned investment banks,with an extensive international maritime business portfolio, has signed a agreement with Silversea Cruise Holding through its financial leasing arm, ICBC Leasing, to build three cruise ships at Fincantieri. Alan Lam reports.
It has emerged that the deal is worth about €800 million. This is the first Chinese bank directly involved in financing international cruise ship newbuilding venture. It is a new milestone not just for the financial institution, but for the country. It will help China taking another stepcloser to realising its ambition in the cruise shipbuilding sphere.
In January 2013 the same two parties reached an agreement to cooperate on the financial leasing business of five-star cruise company Silver Shadow. ICBC Leasing has been otherwise active in maritime business; to date it owns and manages about 200 ships worldwide, including bulk freighters, container units, chemical tankers and cruise vessels.
This development is the latest in a series of major recent penetrations into the cruise sector by Chinese companies; among them are the Ctrip’s recent acquisition of a major tonnage and the agreement between Carnival, Fincantieri and CSSC to build cruise ships in China, not to mention RCCL’s involvement in the endeavour of CSSC Xiamen to design a Chinese cruise ship and the possible acquisition of a second ship by Bohai Ferry. There will be more to come.
So far, at least, Fincantieri seems to be a major beneficiary in these newfound opportunities.
