The Ningxia Branch of China Development Bank signed a US$120 million loan contract with Cardiff Group on Feb. 13 to finance the Greek shipping company's purchase of three ore carriers from China's Jiangnan Shipyard, Ningxia Daily reported. Each carrier has a storage capacity of 206,000 tons

This is the second time that CDB has provided financial assistance for Cardiff's ship purchases, having previously loaned the group US$71.36 million.

Last year, China reached an agreement with the Greek government on a US$5 billion special fund for Sino-Greek shipping development in a bid to deepen the cooperation between the two countries in ship manufacturing, ocean shipping and port construction.

The arrangement is principally in the hands of China Development Bank, which carries out the necessary procedures at its Ningxia Branch.