China Shipping Group signs strategic agreement with CDB

Beijing: China Shipping Group announced that it has signed a strategic agreement with China Development Bank (CDB) to further strengthen their partnership in financing.

Under the agreement, CDB will provide credit facility of RMB50bn to China Shipping Group over the next five years to support the latter’s business expansion.

China Shipping Group said the two parties would also seek cooperation opportunities in other investment areas.

China Shipping Group signed an agreement with APM Terminals, the ports arm of A.P. Moller-Maersk on the development of Zeebrugge terminal in April this year. The two companies will also negotiate the possibility to cooperate on other container terminal projects.

The group, China's second largest shipping company, has also made plan that it will look to order more ships following a number of quiet years on the ordering front.[26/05/14]

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