China Shipping Tanker borrows RMB600m

Shanghai: China Shipping Development (CSD) announced that its fully controlled subsidiary China Shipping Tanker (CST) has applied for a five-year loan of RMB600m from ICBC in order to expand its business. CSD will provide guarantees for the loan.

CST acquired 20% equity in Beihai Shipping, a Shanghai-based tanker shipping company in June, and has intention to acquire another 20% equity in the company from Shanghai Shipping Group. [21/07/14]

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