Greater China

Coscol raises RMB1.7bn for fleet expansion

Guangzhou: Cosco Shipping (Coscol) plans to raise RMB1.7bn through the issuance of A shares to fund two semi-submersible vessels, three multi-purpose vessels and four new heavylift vessels, and another RMB800m to repay loans and replenish working capital.

The four firm new 28,000dwt heavylift vessels are costing RMB290m each and will be built by Hudong-Zhonghua Shipbuilding and Shanghai Shipyard, with another two options which are expected to be confirmed by 15 March.

The four newbuildings are due for delivery from December 2016.

Coscol said it has plans to further fleet renewal in the coming years.  [08/01/15]

Cosco Shipping plans placement

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