The state-owned China Cosco Group has secured RMB 30bn ($4.9bn) in fresh financial firepower, the bank confirmed in a short statement. This is the latest in a series of fund raising efforts by the Chinese shipowner - China Cosco Group to fund its major tanker and bulker newbuilding program.
A few weeks ago the shipowner revealed deals for 10 new bulker newbuildings at two domestic shipyards in deals worth $263m. They included four 38,800-dwt and four 63,800-dwt bulkers at Chengxi Shipyard for $213m and two 38,500-dwt ships at Shanhaiguan Shipbuilding for $49.5m.
Dry Bulk Shipping News - Shipbroker Notes