China Show of Strength?
Chinese shipping group COSCO have been making financial news recently with both overseas investment and new funding.
COSCO Shipping Ports extend its international network of port interests, with the acquisition of a stake in a Valencia port terminal that will provide them with a presence in one of the Mediterranean’s key hub ports.
The Chinese company is taking a major shareholding in Noatum Ports, which operates terminals in Bilbao, Zaragoza and Madrid, as well as Valencia. The group already owns port terminals in Piraeus, Rotterdam, Antwerp, Zeebrugge, Port Said, Busan, Seattle and extensive operations throughout China.
In other news for the group, COSCO Shipping Holdings will issue new shares to finance a building program for 20 new containerships sized between13,800 and 21,237 teu.
COSCO Shipping, which currently owns 45.47% of COSCO Shipping Holdings’ shares, will conditionally subscribe to 50% of the new shares. The remaining 50% will be offered to a maximum of nine specific target investors, which remain unnamed.
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