China Shipping plans to spend 23.4 billion yuan ($3.37 billion) to buy 59 vessels over the next five years, more than doubling its capacity to ride an anticipated upswell in global trade.
Funding will come mostly from its internal resources and from cash flow, estimated at 6 billion to 7 billion yuan this year, which would be enough to pay the first year's instalment of 5.5 billion for the vessel purchase programme, Wang said. He did not rule out taking out loans if necessary in the future to fund the programme.