SHANGHAI, Jan 12 (Reuters) – COSCO Shipping Corporation said policy lender China Development Bank has pledged to provide it with 180 billion yuan ($26 billion) in financing in the years through 2021 to support the Chinese shipping giant’s business development.
Cosco Shipping said in a statement on its website late on Wednesday that the financing would be provided through various financial products. It did not provide details of how the financing would be used, but said the agreement was to serve China’s “One Belt, One Road” strategy and efforts to deepen state-owned enterprise reform.
Formed through the merger of China’s two largest shipping companies in February, COSCO Shipping owns the world’s fourth-largest container shipping fleet by capacity, run by its flagship listed unit, China COSCO Holdings .
The company is one of the earliest results of China’s mission to reform its bloated state sector and has been suffering losses. In October, its container shipping arm warned of a full-year loss.
($1 = 6.9111 Chinese yuan) (Reporting by Brenda Goh; Editing by Jacqueline Wong)
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2486
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.