Greater China

CSCL supports expansion of subsidiaries

Shanghai: China Shipping Container Lines (CSCL) announced that it will replenish $6m capital into its subsidiary Xinhai Shipping while another shareholder CSCL (Southeast Asia) will replenish $40m to support the development of the company.

Meanwhile, CSCL (Hong Kong) will borrow $300m from parent China Shipping Group and $130m from ANZ bank’s Hong Kong branch. CSCL will provide guarantees for the deals.

CSCL also announced that it will establish a joint venture Shenzhen Yihaitong Global Supply Chain Management Co with China Shipping Network Technology Co. The two companies will each invest RMB10m to occupy 50% of the jv’s equity.

The jv will provide supply chain information solutions for ocean, land and air shipping. [21/07/14]

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