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Cosco Shipping Leasing secures $289m loan

Cosco Shipping Leasing secures $289m loan

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Cosco Shipping Development has announced that subsidiary Cosco Shipping Leasing has secured RMB2bn ($289m) worth of loans from China Bohai Bank and Bank of Nanjing.

Bohai Bank will provide a one-year RMB500m loan and a three-year RMB1bn loan to Cosco Shipping Development, while Bank of Nanjing will provide RMB500m loan with maturity of one year.

This week, Cosco Shipping Development, the ship leasing and financing unit of China Cosco Shipping Corporation, entered into a 10-year sale and leaseback agreement with LNG carrier operator Golar LNG.

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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.

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