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Sinosure designated as credit approval agency for China bonded bunker fuel suppliers

24 Feb 2022

The following article published by Manifold Times on 24 February was sourced through a local correspondent. An online translation service was used in the production of the current editorial piece:

China Export & Credit Insurance Corporation (Sinosure), a state-funded company established to promote China’s foreign economic and trade development and cooperation, has recently been selected as a credit approval agency for China bonded bunker fuel suppliers, learned Manifold Times.

“The development affects all bonded fuel oil suppliers in China such as Chimbusco, Sinopec Zhoushan, China Shipping & Sinopec, Zhejiang Seaport, and more,” a local source told the bunkering publication.

“All shipowners and bunker trading companies must now apply for approval of the line of credit through Sinosure, before they can obtain a credit line from banks.

“The approval process is strict, and the time generally varies from one month to three months. After approval, it will be valid for three months. If it is not used in time, the credit limit will expire and the applicant unit needs to submit it again for approval.”

According to the source, the development in China was a result of increased challenges place on obtaining credit approval from banks within international trade.

“As such, effective and powerful financial statements are needed as reference opportunities.”

 

Photo credit: steve pb from Pixabay
Published: 24 February, 2022

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