Cosco sets up shipping fund with China Cinda

Cosco sets up shipping fund with China Cinda

Cosco Shipping Development has announced a plan to set up a shipping industrial fund with state-controlled China Cinda Asset Management to expand its presence in the ship finance sector.

The first phase of the fund will raise RMB1.001bn ($153m) with Cosco planning to make an investment of RMB500m to acquire 49.95% in the fund.

The fund will focus on ship assets as well as non-performing assets, restructuring targets and asset-backed securitisation.

Cosco has been making efforts to expand its shipping finance network. In February 2017, Cosco signed agreement with Greenland Holding Group to establish a special fund dedicated to the acquisition of port terminal assets globally.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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