Finance and InsuranceGreater China
Cosco Shipping Leasing applies for more funding
Cosco Shipping Development has announced that its subsidiary Cosco Shipping Leasing plans to apply for a RMB400m ($56m) credit facility from Bank of Beijing.
The facility will be used to support business development and increase liquidity for the company.
Cosco Shipping Leasing is the financial leasing unit of Cosco, and currently owns a fleet of 29 ships.
According to Cosco Shipping Development, Cosco Shipping Leasing’s asset debt ratio currently stands at 85.8% with total debt amounting to RMB30.5bn ($4.3bn).