Cosco to Grow Offshore and Shipbuilding Business

Thursday, May 01, 2008

Cosco Corp. Singapore Ltd. aims to draw one third of its business each from ship repairs and conversion, new shipbuilding and offshore marine engineering services.  The three key businesses contribute $481.2m or 91 percent of the company's $528.8m revenue during the January to March quarter, Energy Current reported.
Of the total revenue from the three key business segments, 21 per cent comes from ship repairs contracts, half of its 42 per cent share last year.  The smaller revenue share from ship repairs business is in line with Cosco's move to secure higher value contracts in new shipbuilding and offshore marine engineering services, Cosco Vice Chairman and President Ji Hai Sheng said during a press briefing in .

Maintaining a balance between the three identified key earning pillars of ship repairs and conversions, offshore marine engineering and new ship building will serve to shield the company from an increase in competition among Chinese shipyards, particularly in ship repairs business, according to Ji.

Cosco drew 21 per cent of the $481.2m revenue from offshore marine engineering services during the first quarter, up from 10 per cent during the same period last year.  Revenue from conversion projects forms 39 per cent of the turnover from the three business segments, up from 31 per cent last year.  During the first quarter, the company secured 13 per cent of this share of revenue from new shipbuilding business including construction contracts for oil rigs.

Cosco recently won a $131.8m contract to build the hull of an oil rig destined to operate for an American client in the U.S. Gulf of Mexico.  The shipbuilder lost an earlier contract with Norwegian Red Flag A.S. as it is not able to deliver the client's new requirement for a turnkey project including a drilling package.

Source:  Energy Current

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
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: 0.0915 sec (11 req/sec)