19/01/2015at 15:22

Cosco receives giant state loan for newbuildings

Cosco has received loans for USD 1.75 billion to finance 53 newbuildings in several segments aimed at replacing around 100 ships that have been scrapped.

BY OLE ANDERSEN

China's state-owned carrier Cosco has secured loans for a total USD 1.75 billion from China EximBank to finance 53 newbuildings, according to several local Chinese media, reports Seatrade Global.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

Cosco scraps more ships as part of fleet renewal
For subscribers
China to allow private investors in shipping companies
For subscribers
China places more yards on "white list"
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Front page now

"We have seen some three-digit rates in some of the large east-west trades a couple of months back," says CEO of Hapag-Lloyd Rolf Habben Jansen on the loss-generating spot rates on the box market.

Container

Hapag-Lloyd sailing at deficits on several routes: "Spot rates are very, very low"

On several major trades, rates remain so low that carriers are losing money. And fuel has grown more expensive, says Rolf Habben Jansen.

For subscribers

Regulation

IMO marine director calls on carriers to keep up the pace: "Time is against us"

For subscribers

Carriers

French ferry operator blames wage dumping for plunging freight volumes

For subscribers

Regulation

World economy set for weak inflation-plagued recovery, OECD warns

For subscribers

Foto: Damian Dovarganes/AP/Ritzau Scanpix

Container

Cargo volumes across the Pacific hit six-month high

For subscribers

Suppliers

Oil extends drops as US supply rumors return

Hapag-Lloyd sailing at deficits on several routes: "Spot rates are very, very low"

On several major trades, rates remain so low that carriers are losing money. And fuel has grown more expensive, says Rolf Habben Jansen.

For subscribers

Logistics

C.H. Robinson appoints new CEO

The US-based freight forwarding major saw its previous CEO depart in January and has now tapped a permanent replacement with experience from Ford, Amazon, and Caterpillar.

For subscribers

Regulation

IMO marine director calls on carriers to keep up the pace: "Time is against us"

Shipping shouldn’t wait for policymakers to pile on pressure, says IMO director and candidate for the soon-to-be-vacant position as secretary general.

For subscribers