COSCO Holdings to Build 46 Ships with $2.7b

Monday, October 01, 2007
Hong Kong-listed shipping company COSCO Holdings Co. Ltd. (SEHK: 1919 and SHSE: 780919) plans to build 46 ships with a total of $2.7b. The company is expected to have a fleet with 39 million deadweight tons in 2010. It is mainly engaged in bulk cargo transport under the wing of China Ocean Shipping (Group) Co. (COSCO), one of the five biggest shipping conglomerates in the country. Recently, COSCO Holdings announced that it would purchase the parent interests in its three subsidiaries COSCO Bulk Carrier Co., Ltd., Qingdao Ocean Shipping Co., Ltd., Shenzhen Ocean Shipping Co., Ltd. The purchase is still subject to the temporary shareholder meeting to be held by the Hong Kong-listed company on October 23. It is deemed to sharply raise the company’s capacity in bulk cargo transport, in which the three subsidiaries specialize. COSCO Holdings, after the purchase is over, will operate 412 bulk cargo vessels in total and actually control a shipping capacity of 32.02 million deadweight tons. In addition, the company has ranked first nationwide by container throughput. It owns 24 terminal projects with 115 berths, which is capable of handling 32.79 million TEUs a year. It is set to build about 20 berths annually in three years to drive up its annual shipping capacity to 800,000 TEUs by 2010. The parent is also busy enlarging its fleet when shipping companies have to pay more to lease ships now. In April, it inked ship ordering contracts and agreements with four Chinese shipyards, including China Shipbuilding Industry Corporation (CSIC), COSCO Shipbuilding Industry Company, COSCO Shipyard Group Co., Ltd. and COSCO International Shiptrading Co., Ltd. It ordered 66 ships with a combined capacity of 5.14 million tons, among which are container ships, bulk cargo carriers, tankers and ships specially for car transport. China’s rapid growth in the shipbuilding has been attracting more and more orders from foreign shipping companies as well as domestic buyers. It exported ships valued at $8.064b in 2006, surging 70.9 percent year on year, according to the China General Administration of Customs. In 2006, China outpaced Japan for the first time by the number of orders, becoming the world’s second biggest shipbuilder only after South Korea, showed data by the Lloyd's Register, a management system certification provider in Britain. In terms of new orders in January 2007, China even surpassed the world’s No. 1 shipbuilder South Korea. [Source: http://www.tradingmarkets.com]
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

Shipbuilding

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2777 sec (4 req/sec)