China’s Cosco Shipyard has secured RMB20bn ($3.14bn) in financing from the Dalian branch of China Development Bank, which will be disbursed over the next five years.

The partnership will also involve investments, bonds, leasing, securities and other financial products, according to a statement from the shipbuilder.

Cosco and its lender also agreed a $160m loan that will be used to boost the liquidity of its Dalian-based shipyard.

Singapore-listed Cosco Corp, part of the Cosco Group, reported net losses of S$82.1m ($58.7m) for the third quarter 2015, compared to S$7.1m in profit during the same period last year.