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COSCO Secures U.S.$1.75 Billion Credit Line for New Building Scheme

COSCO Shipyard

The China Exim Bank has provided a total of CNY580Bn loan to the Chinese shipbuilding sector since its foundation in 1994, and funded 9,637 ships with a total contract value of $197.7Bn.

China’S COSCO group has secured $1.75 billion financial agreement with Export-Import Bank of China (China Exim Bank) for its newbuilding programme.

The loan will be used to fund COSCO to order 53 newbuildings at Chinese yards, including 90,000dwt semi-submersible vessels (the largest to be built by Chinese yards to date), 9,400teu container ships, as well as eco bulk carrier, which are planned to replace over 100 ships scrapped by COSCO within the past two years, according to the agreement.

Source: All Africa

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