COSCO Holdings to Build 46 Ships with $2.7b
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.
COSCO Singapore Sells Four Vessels For $34M
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
