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BOC grants 20b yuan in loans to shipping firm

(chinadaily.com.cn)
Updated: 2009-05-12 16:18

Bank of China (BOC) Shanghai branch recently approved syndicated loans worth nearly 20 billion yuan ($2.93 billion), which will be provided to COSCO Container Lines Co Ltd (COSCON) in the next three years, Xinhua News Agency reported on May 11.

BOC Shanghai branch will grant a credit line of $1.75 billion in the coming two years for the construction and operation of 28 COSCON container vessels. Meanwhile, it will offer $1 billion in liquidity loans in the next three years to help cover the company's operating costs.

Related readings:  China COSCO plans to cut, delay ship orders  COSCO expects lower Q1 earnings  COSCO net plummets 81% but no red in sight  Cosco signs deal with Greek port

The syndicated loans are being handed out in co-participation with BOC Hong Kong branch, which will provide 10 percent of the total financing.

COSCON is affiliated with China Ocean Shipping (Group) Company (COSCO) and is one of the world's leading global providers of integrated container shipping services. COSCON owns 146 container vessels which operate in 21 domestic shipping routes and over 80 international routes, connecting more than 155 principal ports in 53 countries and regions across the world.