Moller gets $400 million Chinese shipbuilding credit

China's People's Daily newspaper reports that A.P. Moller Maersk Group member A.P. Moller Singapore has signed an agreement with the Export-Import Bank of China for $400 million of buyer's credit. It will finance A.P. Moller's purchase of Chinese oil tankers over "the next few years."

The newspaper notes that A.P.Moller-Maersk has been buying ships in China since 1996. It has taken 50 vessels thus far, making it Chinese shipbuilding's largest export customer.