China’s shipping major China Cosco Shipping Group (Coscocs) has officially established its dry bulk shipping arm, Coscocs Bulk Shipping in Guangzhou, China on Thursday.
The newly established company owns and operates a fleet of over 380 bulk carriers, with a total of some 34.5 million deadweight tons.
The new company was formed as a result of a structural reorganization following the merger of China Cosco Group and China Shipping Group, making China Cosco Shipping Corporation (Coscocs).
The announcement comes after Coscocs signed a contract with China State Shipbuilding Corporation (CSSC) in Shanghai for the construction of ten 400,000-tonne VLOCs.
Scheduled to be built by the group’s Shanghai Waigaoqiao Shipbuilding, the ore carriers are expected to transport ore for Brazilian miner Vale.
The company earlier signed a 27-year agreement with Vale under which it committed to transport 16 million tons of iron ore on an annual basis .
The newbuilds are slated for delivery between 2018 and 2019.
World Maritime News Staff