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 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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