COSCO Buying More Ships

To take over four 64,000 dwt bulk carriers and five 308,000 dwt very large crude carriers (VLCCs) in a bid to advance its vast fleet, China COSCO Holdings, the country’s largest shipping conglomerate inked deals with two Chinese shipyards.

On 30th December, bulk vessel contract was inked with CSSC Huangpu Wenchong Shipbuilding Co, a subsidiary of china State Shipbuilding Corp. The price for each ship was $108 million, declared the company.

Simultaneously, China COSCO laid another order for a VLCC with Dalian Shipbuilding Industry Co, a major shipyard of China Shipbuilding Industry Corp, since it placed orders for another four VLCCs previous week.

Moreover, the main broker for these orders was China’s new subsidy policy to promote the nation’s shipping companies in diminishing number of aging vessels and substitute them with technically boosted vessels.

[mappress]

Press Release, January 3, 2014