Seaspan and CPI Sign Cross-Border RMB Call Payment Agreement for Newbuilding Entries

Seaspan Corporation and the China Shipowners Mutual Assurance Association (China P&I Club) have signed a landmark agreement on the cross-border payment of P&I calls in renminbi for two new entries, marking a pioneering step for offshore RMB settlement in the global P&I insurance sector.

The signing ceremony was held at CPI’s Shanghai headquarters. The agreement was witnessed by Xu Lirong, Chairman of China P&I Club; Bing Chen, CPI board director, Chairman, President and CEO of Seaspan; and Tao Weidong, CPI board director and Chairman of COSCO SHIPPING Lines. Li Kun, Executive Vice President and Chief Commercial Officer of Seaspan, and Liu Yutong, Deputy Managing Director of CPI, signed on behalf of the two parties.

Under the agreement, two 14,000-TEU new containerships owned by Seaspan will enter CPI for P&I cover, with calls paid through a cross-border RMB arrangement. Both sides will support the internationalisation of the renminbi and expand cross-border RMB application scenarios in shipping finance and marine insurance.

This is the first time China P&I Club has accepted RMB call payments from an overseas shipowner for newbuilding entries. The transaction represents a pioneering exploration of offshore RMB settlement in the global P&I insurance sector.