Bangladesh and China Sign Major Maritime Agreement
On February 8, 2026, Bangladesh and China formalized a significant framework agreement valued at RMB1.67 billion (approximately Tk2,486.31 crore) to enhance the maritime capabilities of the Bangladesh Shipping Corporation (BSC). The agreement aims to procure four vessels, which include two crude oil mother tankers and two mother bulk carriers. This initiative is designed to bolster Bangladesh’s maritime transport capacity and improve energy security.
The signing ceremony took place between Md Shahriar Kader Siddiky, the secretary of the Economic Relations Division (ERD) of Bangladesh, and Yao Wen, the Chinese ambassador to Bangladesh. Both officials represented their respective governments in this crucial deal. Following this framework agreement, a detailed loan agreement is expected to be finalized shortly, according to a press release from the government.
Enhancing Shipping Capacity and Energy Security
The acquisition of these vessels is anticipated to significantly reduce Bangladesh’s dependence on foreign-chartered ships for transporting crude oil and essential bulk commodities. By enhancing the shipping capacity of the BSC, the project aims to support the long-term development of the nation. Officials have highlighted that the new vessels will play a vital role in strengthening the country’s energy supply chain in the coming years.
China has committed to providing concessional financing for this project, offering an interest rate of 2% with a repayment period of 20 years, which includes a five-year grace period. This financial arrangement is expected to facilitate the timely procurement of the vessels and ensure that Bangladesh can enhance its maritime infrastructure without incurring excessive debt.
The introduction of these new vessels is not only a step towards improving the operational capabilities of the BSC but also a strategic move to ensure energy security for Bangladesh. As the country continues to grow economically, the need for reliable and efficient maritime transport becomes increasingly critical. The government officials believe that this agreement will pave the way for a more self-sufficient shipping industry in Bangladesh, ultimately contributing to the nation’s overall economic stability and growth.
