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>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 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

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >