China COSCO has secured 180 billion yuan ($26.1 billion) of finance from CDB over the next five years for “all types of financial servicing needs”. The group only has 25.8 billion yuan of net debt, but its had a cash outflow after capital spending of 6.5 billion yuan in the past 12 months. Additionally, analysts expect it to spend a further 4.7 billion yuan this year. The company’s stock fell on the news. Should the financing be used for new vessels, this could break the industry discipline on capacity. That would come on top of a similar move by South Korea providing $5.5 billion of ...