China: COSCO (Guangdong) Shipyard Hands Over Bulk Carrier FLAG MERSINIDI

COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned COSCO Shipyard Group Co., Ltd, has delivered a bulk carrier of 57.000 DWT, “FLAG MERSINIDI”, to its European buyer. The delivery documents were signed by and between COSCO Guangdong and the buyer on 10 February 2012.

The bulk carrier measures 189.99 meters in LOA (length of all), 32.26 meters in breadth and 18 meters in depth.

COSCO Shipyard Group, the 51% owned subsidiary of COSCO Corporation, has seven major shipyards in China, located in Dalian, Nantong, Zhoushan, Guangdong, Shanghai, Lianyungang, and Qidong. Strategically situated along China’s coastline, these shipyards provide an extensive array of advanced capabilities in ship building, ship repair and conversion, and offshore marine engineering. This segment remained company’s biggest revenue contributor in FY2010, making up 96.3% of group revenue. Turnover from shipyard operations recorded a 35.2% rise to $3.7 billion in 2010, due to higher revenue contributions from ship building and marine engineering projects.

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Shipbuilding Tribune Staff, February 14, 2012