The Export-Import Bank of China (CEXIM) has granted Teekay Corporation $1bn in loans with which to finance the construction or conversion of vessels at Chinese shipyards within the next three years.

 

The corporation has signed a framework cooperation agreement with the bank for the loans, which will also be made available to its subsidiary companies Teekay LNG Partners, Teekay Offshore Partners and Teekay Tankers.

“We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group,” said Vince Lok, Teekay Corp’s executive vice-president and CFO, in a statement.

“We anticipate that the shipyards in China will become an increasingly important supplier of vessels for Teekay, as we have seen recently with the construction of Teekay Offshore’s units for maintenance and safety in China.”