Bangladesh on Sunday signed a framework agreement with China for the procurement of four new ocean-going vessels for the Bangladesh Shipping Corporation (BSC), a move expected to strengthen the country’s maritime capability, energy security and foreign trade logistics.
Under the agreement, China will provide RMB 1.67 billion (about Tk 2,486.31 crore) in concessional financing for the project titled “Procurement of 04 New Vessels”. The loan will carry a 2 percent interest rate with a 20-year repayment period, including a five-year grace period.
The framework agreement was signed by Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD), and Yao Wen, Chinese Ambassador to Bangladesh, on behalf of their respective governments.
The project involves the purchase of four newly built vessels—two crude oil mother tankers and two mother bulk carriers. The total cost is US$ 241.92 million, with US$ 151.96 million allocated for the crude oil tankers and US$ 89.96 million for the bulk carriers.
According to the ERD, a separate loan agreement will be signed shortly to formalise the financing. The project is being implemented as part of China–Bangladesh intergovernmental cooperation and will be funded through concessional loans provided by the Chinese government.
Speaking at the signing ceremony, Ambassador Yao Wen said the acquisition of the four vessels would enhance Bangladesh’s shipping capacity, support the expansion of foreign trade and strengthen maritime self-reliance. He reaffirmed China’s commitment to deepening economic and trade cooperation with Bangladesh.
Once commissioned, the vessels will be operated by the Bangladesh Shipping Corporation to transport crude oil and essential bulk commodities. Officials said the project would reduce reliance on foreign carriers and contribute to long-term energy security and national development.