COSCO Gets $1.75 bln Loan to Buy Ships

China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday.

The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , said the ships would include oil tankers, container ships and dry-bulk vessels, which would help replace 100 vessels the firm has scrapped in the last two years.

It said the agreement with China Export-Import Bank was signed on Friday.

Reporting by Brenda Goh