COSCO Pacific sells containers for $869 million
Chinese port operator and logistics services company COSCO Pacific Ltd. has agreed to sell about 60 percent of its marine containers used by its container leasing unit for $869.4 million.
The 600,468 TEUs being sold represent 59.6 percent of COSCO Pacific’s container fleet as of Dec. 31.
COSCO Pacific said about $454 million of the sale’s proceeds will be used to cover loans and tax payments, while $100 million will be spent on new containers.
In a separate development, COSCO Pacific reported a 26.4 percent rise in container throughput at its ports in May to 2.66 million TEUs, from 2.11 million TEUs in the same month 2005.
COSCO Pacific sells containers for $869 million
