Coscocs agrees $18bn funding package with Chexim

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Newly formed Chinese shipping conglomerate China Cosco Shipping Corporation (Coscocs) – formed in May via the merger of China COSCO Holdings Company, China Shipping Development Co, China Shipping Container Lines Co and COSCO Pacific – has signed a strategic cooperation agreement with Chexim for up to $18 billion of financing.

The agreement covers funding to support the group’s merger and acquisition costs, overseas investment and fleet optimisation. Coscocs intends to placed orders for more than 50 new vessels with Chinese shipyards.