rongsheng heavy industries shipyard shipbuilding

China Ocean Shipping Gains Financing for 53 New Ships

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January 19, 2015

File photo of the Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province December 4, 2013. (c) REUTERS/Aly Song

reuters_logo1SHANGHAI, Jan 19 (Reuters) – China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday.

The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , said the ships would include oil tankers, container ships and dry-bulk vessels, which would help replace 100 vessels the firm has scrapped in the last two years.

It said the agreement with China Export-Import Bank was signed on Friday. (Reporting by Brenda Goh; Editing by Adam Jourdan)

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