Finance and InsuranceGreater China
Cosco Shipping Leasing secures $289m loan
Cosco Shipping Development has announced that subsidiary Cosco Shipping Leasing has secured RMB2bn ($289m) worth of loans from China Bohai Bank and Bank of Nanjing.
Bohai Bank will provide a one-year RMB500m loan and a three-year RMB1bn loan to Cosco Shipping Development, while Bank of Nanjing will provide RMB500m loan with maturity of one year.
This week, Cosco Shipping Development, the ship leasing and financing unit of China Cosco Shipping Corporation, entered into a 10-year sale and leaseback agreement with LNG carrier operator Golar LNG.