China and Greece sign shipping finance deal

Under the agreement, the two parties will establish a collaborative network to stimulate communication among shipping companies and financial institutions from both international shipping centers, speakers from both sides said

Greece’s Deputy Minister of Maritime Affairs and Island Policy Kostas Katsafados told the event the agreement “will further strengthen the relations of the countries in the financing sector.

The signing of the agreement symbolizes the lasting collaboration and strong bonds between the two maritime centers, he said

In recent decades, Greece and China have built a strong complementary relationship based on the sea

Greeks control 25% of the world’s oceangoing merchant fleet and the synergies with China, the world’s largest exporter, are obvious, he explained

Greek shipowners have had more than a thousand ships built in China’s shipyards over the past 15 years, worth over $50 billion, while Chinese banks’ exposure to Greek shipping is 1 $

3 billion, Katsafados said.