China Shipping secures USD 8 billion loan

China Shipping has secured a loan of up to USD 8 billion from China Development Bank over the next five years. The deal reflects the current trend Deutsche Bank is warning against.

A loan of up to USD 8 billion over the next five years will help facilitate the further expansion of the major state-owned conglomerate China Shipping Group, which owns container carrier China Shipping Container Lines (CSCL).

According to Seatrade Global, the enormous loan will be supplied by China Development Bank - and the move falls completely in line with the trend Deutsche Bank's Global Head of Shipping, Klaus Stoltenberg, warned against at a conference in Hamburg last week.

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