COSCO to Build $517m Container Ships

Reuters reported that China COSCO Holdings Co. Ltd. would spend $516.8m to build eight container ships. Each ship would be able to carry the equivalent of 5,100 20-ft. containers. The company said in a statement that Jiangnan Shipyard (Group) Co. Ltd., a unit of China State Shipbuilding Corp. Ltd., would build the ships. The first two would be delivered on June 30, 2009 and the other six would be delivered in pairs in October 2009, February 2010 and June 2010.