China finance for Greek shipping seen as buoyant, despite US challenge

BUSINESS between Greek shipping players and Chinese providers of finance is likely to expand in the coming years, despite US threats to penalise China-linked vessels calling in the US, a leading interlocutor between the two sides has said.

“I am very optimistic about the future for Chinese financing of vessels,” said George Xiradakis, president of the Association of Banking & Financial Executives of Hellenic Shipping.

“For sure, there remains a lot of appetite among international shipowners, and not only Greek owners, to build high-tech vessels in China for just about any sector.

“On the other side, Chinese business of all kinds want to internationalise,” he said. “I see great potential for development and growth in Chinese maritime financing, in mortgage lending as well as leasing, and in the issuance of bonds and other capital markets.”

Xiradakis also saw a market gradually opening up for lending in Chinese renminbi.

“There will be opportunities for this and it can provide much cheaper and faster loans from China,” he said.

There were several signs of increasing interest in the Greek market from China’s financial sector.

Following the opening of Athens branches in recent years by Bank Of China and Industrial and Commercial Bank of China (ICBC), “there are a number of other companies and institutions opening new offices in Greece or on their way”, Xiradakis said.

Among these was the China State Shipbuilding Corp, which is said to be in the throes of renting office space on one of Athens’ main thoroughfares, close to numerous shipping offices.

The Xiradakis-led shipping finance association recently opened an office in Shanghai pursuant to a co-operation with Lujiazui Financial City.

Earlier this month, the association signed a memorandum of understanding with the

Shanghai Financial Association and just recently Xiradakis himself was made deputy director of a key ship finance committee of the China Institute of Navigation, the membership

of which is mostly Chinese.

He has also been appointed advisor for Greece to Huayang Maritime Centre, another to have opened an office.

The US administration’s adversarial approach to China in maritime matters had had “a negative effect”, Xiradakis conceded.

“We have seen some orders that have been either postponed or rethought, and I anticipate that progressively Chinese leases may be reconsidered,” he said

“But I am also seeing the banks that own the leasing companies wanting to start doing more mortgage loans so there could be a lot of expansion, especially if shipyard prices come down to support this interest.”

Lloyd's List Daily Briefing 01 July 2025

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