COSCO Shipping Selling USD 2 Bn of Shares to Fund Boxships

China’s COSCO Shipping Holdings has unveiled its intentions to raise up to CNY 12.9 billion (USD 1.9 billion) in an effort to finance the construction of new containerships.

According to the company’s stock exchange filing, the net proceeds of the sale would be used to fund the building of 20 boxships, six of which would have a capacity of over 21,200 TEU.

Four of the remaining vessels from the batch would have a capacity of over 14,500 TEU, five would be able to carry 13,800 TEU and the final five would have a capacity of over 20,100 TEU.

The move would see the company sell over 2 billion of its Series A shares through a private placement.

As part of the issuance, the company and COSCO Shipping entered into a subscription agreement pursuant to which COSCO Shipping has conditionally agreed to subscribe for, and the company has conditionally agreed to issue, 50% of the total number of Shares A to be issued under the placement.

COSCO Shipping suspended trading of shares on October 27 and is expected to resume trading on October 31.

World Maritime News Staff

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