COSCO signs shipbuilding deals
Singapore-listed Chinese shipping firm Cosco said that two of its units, COSCO Dalian Shipyard and COSCO Guangdong Shipyard, have signed 11 contracts and four letters of intent totalling over $440 million.
The agreements were made with four European shipowners to build 15 bulk carriers.
Four of the bulk carriers are 82,000 dwt while the remaining 11 carriers are 57,000 dwt.
Deliveries of the newbuildings are expected to take place between the end of 2011 and the middle of 2013.
COSCO said that in accordance with normal operational procedure, the shipbuilding contracts will take a period of time before they become effective which is dependent on certain conditions, including the receipt of the initial deposit from the shipowners.