COSCO Signs Contracts with Four Shipyards

Xinhua reported that COSCO Group, China's leading shipping and logistics service provider, inked in Boao, Hainan Province on Saturday contracts with four domestic shipyards to build 66 ships. Zhang Fusheng, a COSCO spokesman, did not disclose the total value of these shipbuilding contracts but said they summed up to a record amount for the shipping giant. The move is to help meet China's strong demand for shipping as the country's fast economic development gives rise to more imports of energy resources and more auto imports and exports, said analysts. Wu Bangguo, Chairman of the Standing Committee of China's National People's Congress, attended the signing ceremony on the sidelines of the annual conference of the Boao Forum for Asia. The 66 ships - including container ships, bulk cargo ships, oil tanker and car carriers - will have a total deadweight tonnage of 5.14 million. They will be built by four domestic firms, including China Shipbuilding Industry Corp, COSCO Shipbuilding Industry Co and COSCO Shipyard Group, and will be delivered between 2008 and 2010. Source: Xinhua