China’s state-run shipping giant Cosco has announced that it has signed agreements with four domestic yards for the construction of a total of eleven 19,000teu containerships.
Dalian Cosco KHI Ship Engineering (DACKS) and Nantong Cosco KHI Ship Engineering (NACKS) will build six of the vessels, CSSC-affiliated Waigaoqiao Shipbuilding will build three, and the remaining two will be built by CSIC-affilated Dalian Shipbuilding Industry.
Total price for the vessels is around $1.51bn. Cosco said the orders are part of its fleet upgrade plan and it will finance the ships from internal resouces and bank borrowings.
Cosco has suspended stock trading since August 10 to work on a major restructuring deal, which is very likely to be the merger deal with China Shipping Group.