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COSCO grabs kamsarmax order

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Dalian: COSCO Shipyard has signed a letter of intent with Greece's Chartworld Shipping to build kamsarmax bulkers. The Greek owner initially planned to order two newbuildings at Shanghai Waigaoqiao Shipbuilding, but eventually chose COSCO Shipyard’s Dalian facility.

Currently COSCO has 47 bulker orders on its books, however Singapore bank OCBC said COSCO risks suffering plenty of cancelled orders.

Last week another Singapore bank DBS expressed concern about COSCO's high exposure to European customers, which account for more than 60% of COSCO's orderbook, amid the Eurozone crisis.  [29/06/12]

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