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CSCL secures US$100m financing for new containers

CHINA Shipping Container Lines (CSCL), CSCL (Asia) and ING Group (Netherlands) agreed to terms on a loan earlier this month in Shanghai.

CSCL said in a statement: "The newly signed US$100 million loan marks a fresh beginning for CSCL and ING co-operation and other related financial institutions. The future co-operation will not be restricted to container shipping financing. With the robust development, there should exist more far-reaching and wide co-operation projects."

The funds will be used to buy 70,000 new TEU containers. At present the company owns 670,000 boxes. The statement, however, did not say when these new containers will be delivered.

CSCL is a division of China Shipping Group (China Shipping). The containerised marine shipping company is based in Shanghai and according to the company's web site, CSCL is the fifth largest container shipping company in the world in terms of operating capacity.

CSCL has a young and modern fleet of 135 vessels with a total operating capacity of 326,903 TEU.

Amsterdam-based ING Group is a global financial services company that provides banking, insurance and asset management services.

Oct 7, 2005