Chinese lease finance houses have been told their services will not be needed for China Cosco Shipping's newbuildings.
The dramatic decision to take all newbuilding finance in-house represents a massive loss of business for companies including Bank of Communications Financial Leasing, ICBC Leasing, and China Merchant Bank Financial Leasing. The three outfits were the main contenders to share financing of Cosco's undelivered ships or planned ships.
