COSCO to Create a Shipping Fund with China Cinda

Hong Kong-listed Cosco Shipping Development is planning to establish a shipping fund with China Cinda Asset Management Co., Ltd. 

The move is being pursued in line with the company’s investment in the financing sector of the shipping industry.

Initially, the fund will dispose of a total of USD 154 million and Cosco plans to take a 49.95 pct in the fund or an investment worth approximately USD 77 million (RMB 500 million).

As disclosed, the shipping fund will be used for financing of ship assets including non-performing assets and restructuring programs.

The shipping industry has been faced with restricted availability of financing opportunities over the recent period as banks started to curb their exposure to bad shipping loans amid industry downturn.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >