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Coscol seeks fresh funds, orders four heavy lift newbuilds

Coscol seeks fresh funds, orders four heavy lift newbuilds
Cosco Shipping Limited (Coscol) is seeking to raise RMB2.5bn ($402.3m) through a private placement and has booked four heavy lift vessels at a total investment of RMB1.16bn.

The heavy lift arm of China’s Cosco Group announced on Thursday a confirmation with Hudong-Zhonghua Shipbuilding and Shanghai Shipyard to build four 28,000 dwt heavy lift vessels at a price of RMB290m each, scheduled for delivery from the end of 2016. The order comes with an option for two additional units.

The potential fresh funds from the private placement will be used to finance the latest heavy lift new building orders, as well as earlier orders for semi-submersibles and multi-purpose ships.

Shanghai-listed Coscol will sell 455m of its shares and use the net proceeds to finance newbuildings as well as to pay off debts and boost working capital.