Cosco orders eight bulkers

Shanghai: Hong Kong-listed China Cosco Holdings announced that the company has entered into shipbuilding agreements with China Shipbuilding & Offshore International and Tianjin Xingang Shipbuilding Heavy Industry as sellers for the construction of four 40,000dwt bulkers at a total price of $99.2m and four 180,000dwt bulkers at a total price of $212.8m.

Deliveries of the vessels are scheduled in 2015 and 2016.

Cosco said the company will enjoy subsidies from the government for the newbuilds and the vessels will optimize the company’s bulker fleet.

Cosco, which has struggled financially in the last few years, has kicked off a newbuild spree having held off ordering ships for two years. More ships are expected to be ordered soon. [21/03/14]

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