Cosco orders eleven 19,000teu boxships at four yards

Cosco orders eleven 19,000teu boxships at four yards

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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