COSCO Gets Shipbuilding Deals Worth $1.3B

COSCO Corporation has clinched shipbuilding contracts valued at over $1.3b. The orders were received by its 51-percent owned unlisted unit, COSCO Shipyard Group. COSCO will build 29 bulk carriers for several foreign shipowners. Seventeen of the vessels weigh 57,000 tonnes, while eight are 80,000 tonne vessels and the remaining four are over 92,000 tonnes. The carriers will be built in the company's Dalian and Guangzhou shipyards. They are slated for delivery between October 2009 and December 2011. [Source: http://www.channelnewsasia.com]