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            june 20, 2018

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Cosco to buy US$200 million in containers expand leasing fleet


The container leasing arm of China Cosco Shipping Corporation Ltd (Cosco Shipping) has agreed to purchase 154,000 containers for US$200.3 million from CLC II, an investment holding firm incorporated in Bermuda, according to Shipping Gazette.
The deal was entered into by Florens Container Investment, an indirect wholly-owned subsidiary of Cosco Shipping Development Co (CSDC), which is a subsidiary of Cosco Shipping.
CSDC said that the acquisition will be funded by internal resources and the group's external debt financing, reported Seatrade Maritime News.
"As the company strives to develop its container leasing business in the long run and become an industry-leading leasing company with unique competitive edge on the basis of the current leasing business, the acquisition is in line with the business of the group and will expand the scale in its container leasing business," CSDC was quoted as saying.
"In addition, the acquisition would increase the proportion of self-owned containers of the group and ensure that the group's demand for containers is satisfied," it added.

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