Cosco Shipping announced on 7th January that it had received approval from China Securities regulatory Commission for a new share issue plan it applied for in 2015. The heavy lift specialist will issue 456m new shares to its parent Cosco Group and First Seafront Fund to raise rMB2.5bn ($380m). The funds will be used for the construction of two semi-submersibles and seven heavylift vessels, in addition to repaying bank loans. Cosco and China Shipping group is currently working on a merger, and Cosco Shipping will transfer its bulker assets to China Shipping Development and focus on special purpose vessels after the merger.