Greece, China boost cooperation on shipping finance

ATHENS, Sept. 6 (Xinhua) — Greece and China are set to enhance their collaboration in shipping finance following a conference held at the major Greek port of Piraeus on Wednesday.

The Export-Import Bank of China (EXIMBANK) and Greek shipowners examined this matter within the framework of China’s Belt and Road Initiative (BRI) for global infrastructure development at the conference, which was co-organized by the Association of Banking and Financial Executives of the Hellenic Shipping (ABFEHS) and the Chinese embassy in Greece.

ABFEHS President George Xiradakis stated in his welcome address that “Greece is a platform of secure investments for the seagoing trade” and emphasized that it is open to both financial institutions and private investors.

Xiradakis also highlighted the appealing prospects that Greek shipping provides for ship financiers, as the Greek-owned fleet continues to expand.

He further emphasized that Chinese leasing finance in shipping has grown from $47 billion in 2017 to $77 billion in 2021, and Chinese banks, including EXIMBANK, have developed strong connections with Greek shipping.

EXIMBANK President Ren Shengjun expressed during the conference that the 10th anniversary of the BRI is an ideal time to reinforce friendship, cooperation, and development. He added that the bank fully supports maritime cooperation and the modern maritime Silk Road, with Greece currently being one of its most crucial markets for shipping finance in Europe.

Deputy Governor of the Bank of Greece Theodore Pelagidis stressed the significance of establishing robust economic and political ties between Europe and China in a period of uncertainty due to geopolitical tensions.

Pelagidis noted that Greece was the first European country to embrace the BRI, and the investment by China’s COSCO Shipping in Piraeus has transformed Greece’s largest port into a competitive one.

Chinese Ambassador to Greece Xiao Junzheng described the port of Piraeus as a model of Greece-China cooperation. He expressed China’s hope of inclusion in the integrated development of ports, industries, and cities, envisioning a transformation from a loading and unloading port to a “logistics park” and even an “industrial park.”

The ambassador also highlighted the significant role of finance in supporting and promoting shipping during this major transition within the industry.

He emphasized the need to focus on advancing the shift from shipping finance to supply chain finance, strengthening financial support for the intelligent and sustainable development of shipping, and bolstering exchanges between the Chinese and Greek shipping finance sectors.

George Prokopiou, president of the Yacht Club of Greece and Greek shipowner, affirmed that we now live in an era of cooperation, and emphasized the importance of understanding this for the benefit of the world, its people, and prosperity. The Yacht Club of Greece hosted the conference.