China Ocean Shipping Gains Financing for 53 New Ships

SHANGHAI, Jan 19 (Reuters) – China Ocean Shipping (Group) Company has obtained a $1.75 billion mortgage from the Export-Import Bank of China to purchase 53 new ships, which it plans to order from Chinese shipyards, the agency stated on Monday.

The state-backed delivery conglomerate, which controls China COSCO Holdings Co Ltd , stated the ships would come with oil tankers, container ships and dry-bulk vessels, which might assist change 100 vessels the agency has scrapped within the final two years.

It stated the settlement with China Export-Import Bank was signed on Friday. (Reporting by Brenda Goh; Editing by Adam Jourdan)