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Cosco leasing unit to finance 16 newcastlemaxes for sister company

Newbuildings are currently under construction at four Chinese yards, and will be used to ship bauxite from Guinea to China upon delivery in the next two years

Vessels were originally ordered by Cosco Shipping Bulk, and will now be sold to Cosco Shipping Development under an operating lease arrangement for 10 years. Deal comes after the state conglomerate has this year turned to its own leasing platform to finance its newbuilding projects

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