China Ocean Shipping Gains Financing for 53 New Ships

rongsheng heavy industries shipyard shipbuilding
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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