State-owned giant China Cosco Shipping is quietly preparing to launch a new financial leasing operation, based in its Shanghai headquarters.
The venture will compete with a number of other leasing companies that show no signs of being integrated as part of this year’s merger of forerunner group companies Cosco and China Shipping.
TradeWinds has learned that the new leasing shop, with no vessels or official name as yet and only three employees, is targeting a $3bn volume of annual commitments in ship finance.
