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

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

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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