Credit line fixed for China Shipping

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Shanghai: Xinhua reported that China's Bank of Communications signed a comprehensive cooperation agreement with China Shipping Co to provide credit loans of RMB30bn to the nation’s second largest shipping line. China Shipping head, Li Shaode, said the loan would help in making Shanghai an international maritime centre, a goal Beijing has earmarked for the municipality to achieve by 2020. China Shipping follows a number of state owned transportation firms in securing big credit facilities from the banks. COSCO, the nation’s number one line, secured $15bn from ICBC, while airline China Southern has taken two more big loans in recent days. [08/05/09]