Cosco raises $1.1bn via private offering

Cosco raises $1.1bn via private offering

China Cosco Shipping Holdings has announced that it has completed a private offering to nine specific investors and raised a total of RMB7.72bn ($1.1bn).

The proceeds raised from the offering is lower than the company’s original plan to raise RMB12.9bn ($1.94bn), which was announced at the end of October 2017.

Cosco plans to use the proceeds to fund the construction of 20 mega containerships and expansion of its global port network.

Earlier this month, Cosco Shipping Ports entered into an agreement to invest $225m to acquire a 60% stake in the port of Chancay in Peru, making its first foray into South America.

According to VesselsValue, Cosco currently owns a fleet of 728 ships and has another 55 newbuildings on order.

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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