The state-owned shipping conglomerate said it plans to secure three-year working capital loans of $400m and $75m from China Development Bank and Bank of China, respectively, for Cosco Bulk Shipping.
Including the latest potential loans, China Cosco would have guaranteed a total loan amount of $969m for Cosco Bulk Shipping.
China Cosco’s board of directors has given the approval to guarantee up to $1bn of loans for the bulker unit in 2014 alone.
China Cosco said the loans would serve to maintain Cosco Bulk Shipping’s day-to-day operations and aid its business developments if necessary.
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