Cosco Singapore News

Cosco (Qidong) Shipyard Co, a subsidiary of Cosco Corp's 51 per cent subsidiary Cosco Shipyard Group Co, has entered into an agreement with a European buyer for the construction of the floating storage regasification unit (FSRU) module. Cosco Corp did not identify the European buyer. COSCO Qidong and the European buyer have agreed to keep the contract prices confidential. Delivery of the module is scheduled for the first quarter of 2018. A press statement from the company said that brring any unforeseen circumstances, the above transaction is not expected to have a material mpact on the net tangible assets and earnings per share of the Company for the year ending 31 ecember 2017.

COSCO Corporation (Singapore) Limited has posted net losses of S$570 million for FY2015, compared with the earnings of S$20.9 million in FY2014. The company is hurt by writedown of inventory and possible non-payment by some of its customers. Revenue declined 17% to S$3.5 billion for the fiscal year to December, on the back of lower revenue from marine engineering in the shipyard business, and lower charter rates in the shipping business. Fourth quarter revenue fell 21 per cent to S$725.5 million while full-year revenue fell 17 per cent to S$3.5 billion. The Singapore-listed Chinese shipyard said the global offshore market continued to slow down significantly with no signs of improvement, due to the weak global economy and depressed oil prices.

Shipbuilding and dry bulk shipping company  Cosco Corp (Singapore) expects to post a loss in the third quarter ended September 30, 2015 compared to a profit recorded in the same period a year earlier. The  financial pain comes on the back of the offshore slump, shipbuilding slowdown and highly depressed dry bulk shipping market. As a result, the group incurred higher costs for a few delayed projects as well as write-down of certain inventory. Provisions for impairment of trade receivables have also been made. Provisions for impairment of trade receivables have also been made, and exact details of the company’s financial performance for the 3Q2015 will be disclosed on November 12, 2015.

Construction of the Guangdong company COSCO Singapore CHELLSEA third ship built offshore platform supply vessels UT771-WP (N605) was successfully started yesterday. The total length of 85.7 m platform supply vessels, width 18 m, depth 7.8 m, deck area of about 840 square meters, load up to 4400 tons, to meet the requirements DYNPOS AUTR dynamic positioning capabilities. Up to now, a total of Guangdong COSCO Shipyard to undertake four CHELLSEA same type of PSV construction orders. (Guo Yuhong)

COSCO Corporation (Singapore) says that its COSCO Zhoushan subsidiary shipyard has delivered two bulk carriers of 64,000 dwt, “PUERTO ROSARIO” and “PORTO LEONE”, to a European buyer. The new ships measure 199.9 meters in LOA, 32.26 meters in breadth and 18.5 meters in depth. COSCO Singapore adds that the delivery documents were signed by and between COSCO Zhoushan and the buyer recently.

1. COSCO (Dalian) Shipyard Co. Ltd has secured contracts from a Bermuda company for two LeTourneau Super 116E jackup drilling rigs, scheduled for delivery in 1H2016 and 2H2016 respectively. The same buyer has also secured options for two additional jackup drilling rigs. 2. COSCO (Zhoushan) Shipyard Co. Ltd has been contracted to build a dry bulk carrier of 64,000dwt for a European buyer, with delivery scheduled in the second half of 2014. The COSCO Group adds that barring  any unforeseen circumstances…

COSCO (Guangdong) Shipyard Co. Ltd. A Netherlands based company has placed orders to build two platform supply vessels (PSVs) scheduled for delivery in 3Q 2015. The buyer has also secured options for two additional PSVs. Contracts from a Singapore based company have also been pladed for construction of two PSVs scheduled for delivery in 1H 2015. The buyer has also secured options for six  additional PSVs. COSCO (Dalian) Shipyard Co. Has received contracts from a PRC based agency to build two salvage lifting vessels scheduled for delivery in 1H 2015. Additionally, a Europe based company has ordered two module carriers of 21,000dwt each scheduled for delivery in 1H 2015 and 2H 2015 respectively. The buyer has also secured options for two additional module carriers.

COSCO Singapore subsidiary COSCO Guandong to construct two Platform Supply Vessels (PSV's). The contract is with a European ship owner for the construction of two PX121 PSV's at a value of approximately US$54-million in total. Delivery of the two vessels is expected in the first quarter of 2015. Additionally, the ship owner has an option, to be exercised within six months, for construction of two more of the same type of PSV. COSCO say that these two contracts are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2013.

COSCO Singapore subsidiary COSCO (Zhoushan) Shipyard Co., in China, delivers the barge 'Posh Mogami'. The150 meters semi-submersible barge has been delivered to an Asian buyer. The Posh Mogami measures 150 meters in LOA, 40 meters in breadth and 10.5 meters in depth.

Singapore-listed Cosco Corporation subsidiary Cosco Shipyard Group increases its investment in the registered capital of 60%-owned Cosco Qidong Offshore, China. Cosco has increased its investment by RMB300-million to RMB600-million.  The other investors in the yard have also doubled their investment at the fast growing offshore complex so the shareholding structure remains the same, reports SinoShip News. Eight days ago Cosco Qidong announced it had won a contract for a harsh environment semi-sub rig from Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is paying $200m for the rig for delivery in Q1 of 2015. Source: SinoShip News

COSCO Singapore subsidiary COSCO Zhoushan contracted with further opetion to build four Rolls Royce design Platform Supply Vessels (PSV's). The value of the contract with a Hong Kong shipowner, is about US$119.2 million in total, and deliveries are expected to begin in the first half of 2014. In addition, within six months, the ship owner has an option to declare up to another four contracts for the construction of the same UT771CDL PSVs,which has a value of approximately US$119.2 in total.

COSCO (Guangdong) Shipyard Co., Ltd a subsidiary of COSCO (Singapore) delivers a Handy-size bulk ship COSCO Shipyard Group has delivered the bulk carrier Marine Princess of 35000 dwt to an Asian buyer. The delivery documents have been signed by and between COSCO Guangdong and the purchaser. Marine Princess measures 179.99 meters in LOA, 30 meters in breadth and 14.7 meters in depth.

COSCO Singapore Chinese subsidiary COSCO Qidong Offshore wins contract from Axis Offshore. The contract valued over US$200-million from Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is to build a harsh environment semi-submersible accommodation vessel. This rig will be built to Global Maritime’s design, GM500A and will provide accommodation for 500 persons. It will be equipped with a DP3 dynamic positioning system and is designed to operate in the harsh environment in the North Sea. The rig is scheduled for delivery in Q1 2015. The parties intend that the contract will be made effective within 3 months from the date of signing.

COSCO reports profits from its ship repair, conversion, & engineering projects cushioned shipbuilding losses. Group achieved net profit attributable to equity holders of $27.6m on turnover of $975.3m against the backdrop of a difficult business environment in Q2 2012. Turnover from shipyard operations decreased 2.2% to $960.8m due mainly to lower revenue contributions from ship building projects, cushioned by growth in revenue from ship repair and marine engineering segments. Turnover from dry bulk shipping and other businesses increased marginally by 2.8% to $14.6m supported by contribution from other businesses which more than offset the fall in dry bulk shipping revenue due to lower charter-hire rates.

2. COSCO (Zhoushan) Shipyard Co., Ltd has delivered a bulk carrier of 57000 DWT, of 189.99 meters in LOA, 32.26 meters in breadth and 18 meters in depth, named “ASIAN CHAMPION”, to its Asian buyer. All the delivery documents were signed by and between the COSCO shipyards and the respective buyers in July 2012.

The Board of directors of COSCO Corporation (Singapore) Limited (the “Company”) refers to the articles which appeared in The Straits Times on 30 June 2012 entitled “Dark clouds over China shipbuilder Cosco Corp” and in Bloomberg on 27 June 2012 entitled “Cosco Singapore is Lowest-Rated Asia Stock on Rig Push”. The Straits Times article mentions that the Company faces possible customer defaults and order cancellations from Europe. The Company recognises that business conditions have remained difficult and this is reflected in the significant drop in the Baltic Dry Index, amongst other things. As such, the Company’s order book may be subjected to revision from the cancellation and rescheduling of orders.

COSCO Singapore announces delivery from its Chinese shipyards of two bulk carriers to European owners COSCO Corporation (Singapore) Limited announces that subsidiaries of the Company’s 51% owned COSCO Shipyard Group Co., Ltd have made the following deliveries: 1. COSCO (Zhoushan) Shipyard Co., Ltd has delivered a bulk carrier of 57000 DWT, “FEDERICA”, to its European buyer. 2. COSCO (Guangdong) Shipyard Co., Ltd has delivered a bulk carrier of 57000 DWT, “CONTI FUCHSIT”, to its European buyer. The bulk carriers of 57000 DWT measure 189.99 meters in LOA (length of all), 32.26 meters in breadth and 18 meters in depth.

Shares of Cosco Corp. Singapore, a shipping company that owns a shipyard in China, rebounded after announcing it secured an order to build 29 bulk carriers worth $1.34b. The news has provided the stock a much needed shot in the arm as investors have been selling the stock in the last two days on concerns its shareholder, shipyard operator SembCorp Marine Ltd., may sell more shares in the company. SembCorp Marine said it had sold 39 million Cosco shares, taking its holding to 111.4 million shares. The latest orders put Cosco's current order book at $6.4b, $6.2b of which were secured this year, according to Kim Eng Securities. The brokerage believes Cosco could secure another $900m in orders based on existing options with customers.

COSCO Corp. (Singapore) Ltd. has sold four of its older vessels for $34 million as part of an ongoing fleet renewal exercise and will realize a profit of about $14.2 million from the sale, the Singapore-listed Chinese shipping and ship-repair company said Tuesday. The vessels were sold at around their assessed values to sister companies Shenzhen Ocean Shipping Co. Ltd. and COSCO International Trading Co. COSCO Singapore also said it took delivery of M/V COS Prosperity, a new dry bulk carrier, on Tuesday. The vessel had been due in the third quarter of 2006. Source: Dow Jones