Shanghai: China Shipping Group has signed a strategic agreement with Industrial and Commercial Bank of China (ICBC) to strengthen their cooperation in various financial areas.
The signing is a response to the new shipping guidance released by the central government, which is determined to promote the shipping industry through various policies and financial support. The total value of the agreement is about RMB80bn.
China Shipping Group is a major state run shipping company, its listed subsidiary China Shipping Container Lines suffered a huge of loss of RMB2.6bn in the first half of this year. [13/10/14]