China’s shipping and logistics giant Cosco has signed a USD 1.75 billion loan facility with The Export-Import Bank of China to fund 53 newbuildings.
The loan will be used to finance newbuilding orders at Chinese shipyards, including a 90,000 dwt semi-submersible ship, 9,400 TEU container ships, 300,000 dwt tankers, and bulk carriers. The project is expected to give an additional boost to the restructuring process within China’s shipbuilding industry.
The newbuildings will replace the vessels that have been scrapped over the past few years. They are expected to improve fuel efficiency by 20% compared with the scrapped vessels.
World Maritime News Staff