The Board of Directors of COSCO Corporation (Singapore) Limited announced, Nov. 28th, that COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract from a European company to build two bulk carriers of 35,500 dwt each.
Both vessels are scheduled for delivery in the second half of 2014. The total contract value for the above two bulk carriers is over US$41 million.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.
The above contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2012.
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Press Release, November 28, 2012