Asia/Pacific News
COSCO Borrows $1.75B for 53 Newbuilds
China Ocean Shipping (Group) Company (COSCO Group) Friday announced plans for orders of 53 newbuild ships, including energy efficient bulkers, Chinese state media reports.
COSCO Group signed a deal with the Export-Import Bank of China for a $1.75 billion loan agreement to fund the purchases.
The group is said to be looking to acquire 53 ships in total, including 90,000 deadweight ton (dwt) semi-submersibles, 300,000 dwt very large crude carriers (VLCCs), 9,400 twenty-foot equivalent unit (TEU) box ships and "environmentally friendly" bulk cargo carriers.
It is understood the ships will be built at Chinese shipyards.
The purchases will go towards replacing 100 older ships dismantled over the last two years.
In September group company China Cosco Holdings Co. said that five fuel-efficient box ships it had ordered could prove to be a double-edged sword.
