COSCO Shipping Unit to Lease Two Gas Carriers

MT Newswires

05/27

COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) said its Future Ocean unit agreed to lease two gas carriers from Singapore's Seaspan Corp. for a period of 20 years, according to a Tuesday filing with the Hong Kong bourse.

The Chinese shipping company's Hong Kong-listed shares fell over 4% in late morning trade Wednesday.

The firm will pay a fixed rental amount of 3.40 billion yuan for the lease.

The new carriers will help optimize and upgrade the company's business structure, COSCO Shipping said.

Meanwhile, in a separate announcement, the firm said it agreed to guarantee the borrowings of several of its subsidiaries.

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