Bangladesh Shipping Corporation (BSC) has sought additional financial assistance from Beijing to purchase two more ocean-going vessels due to rising shipbuilding costs. BSC originally planned to buy six ships with a Chinese loan but had to scale back to four due to cost escalation and pandemic-related delays. During a recent visit by a delegation from the China International Development Cooperation Agency (CIDCA), Bangladesh requested further funding, which China has positively responded to, asking for a formal proposal.
The BSC intends to enlarge its fleet to capitalize on anticipated growth in foreign trade. The proposed procurement project aims to purchase two crude-oil tankers and two bulk carriers. The total price for the four vessels, already under negotiation, is CNY/RMB 1.67654 billion. The additional financing is expected to help save Bangladesh’s foreign currency reserves.