COSCO, EXIM Bank Ink USD 18 Bln Financing Deal

Export-Import Bank China Ocean Shipping Group (COSCO) and China Export-Import (EXIM) Bank signed a CNY 120 billion (USD 18 billion) strategic cooperation agreement in Beijing with the intention to finance more than 50 vessels under construction. The deal was signed in an effort to help accelerate optimization of fleet structure and enhance international competitiveness, COSCO said. This financing scheme would also boost the domestic shipyards, helping Chinas shipbuilding industry to speed up the adjustment of product structure, promote industrial restructuring and upgrading to achieve sustainable development. EXIM Bank will also provide full financing to help COSCO with any mergers, acquisitions and equity investments, as well as to further optimize the fleet structure. World Maritime News Staff