Cosco Shipping exercises Hudong Zhonghua heavy lift options

Cosco Shipping exercises Hudong Zhonghua heavy lift options

Shanghai: Cosco Shipping has announced that it has exercised options for two 28,000dwt heavy lift vessels at Shanghai Hudong Zhonghua Shipbuilding. Deliveries of the two vessels are scheduled in April and August of 2018.

The order is an addition to the four 28,000dwt heavy lift vessels Cosco Shipping ordered at Hudong Zhonghua and Shanghai Shipyard in January at a price of RMB290m ($46.3m) each.

Cosco Shipping raised RMB2.5bn ($399m) funding in January for the expansion of its fleet.

A senior official from Cosco Shipping said Cosco Shipping has almost completed the company’s twelfth five year (2011-2015) newbuild plan and newbuild projects in the future will be based on new shipping projects with low operating risk.

“The drop in oil prices will no doubt slow down the investment in the offshore market, which will give a gloomy outlook for the submersible vessel market, despite the drop in fuel cost,” said the official.

“We are making more efforts to improve our standards in safety management and technical management, which are seen as top priorities in the high-end market,” the official added.

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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