Cosco gets $3.14bn financing from China Development Bank

Cosco gets $3.14bn financing from China Development Bank

China’s Cosco Shipyard has secured RMB20bn ($3.14bn) in financing from the Dalian branch of China Development Bank, which will be disbursed over the next five years.

The partnership will also involve investments, bonds, leasing, securities and other financial products, according to a statement from the shipbuilder.

Cosco and its lender also agreed a $160m loan that will be used to boost the liquidity of its Dalian-based shipyard.

Singapore-listed Cosco Corp, part of the Cosco Group, reported net losses of S$82.1m ($58.7m) for the third quarter 2015, compared to S$7.1m in profit during the same period last year.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

Related Posts