COSCO GETS $26BIL FINANCING

Will they use any of this money to buy OOCL?

China Cosco Shipping reaches $26bn financing deal with China Development Bank

January 12th, 2017 Jason Jiang Finance and Insurance, Greater China 0 comments

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China Cosco Shipping Group (Coscocs) has signed a strategic agreement with policy bank China Development Bank (CDB) in Beijing yesterday for what is almost definitely the largest ship finance deal in history.
Under the agreement, CDB has agreed to provide a total of RMB180bn ($26bn) financing support to Coscocs by 2021 to support business development.

Hu Huaibang, chairman of CDB said the agreement demonstrate CDB’s support to help the reform and development of Coscocs, which is the important driving force for China’s “One Belt, One Road” policy.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.