China’s COSCO gets $1.75 billion loan to buy 53 new ships
By: Reuters | Jan 20 2015 at 11:31 AM | Liner Shipping
China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said.
The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , said the ships would include oil tankers, container ships and dry-bulk vessels, which would help replace 100 vessels the firm has scrapped in the last two years. (Reuters)