Cosco Corporation News

China’s Cosco (Nantong) Shipyard has won a contract to build one multi purpose wind farm support vessel (WFSV) for the Hong Kong-based Everbright Int’l (HK) Offshore. Cosco Corporation's 51 per cent owned Cosco Nantong will deliver the contracted newbuild in the fourth quarter of 2018. Under the contract, Cosco Nantong has also granted an option to Everbright pursuant to which the company may order another similar multi purpose wind farm support unit within six months from the contract. Cosco Corp has not disclosed the contract value, of which the listed company said has to be kept confidential as agreed with Everbright. The above contract is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2017.

Cosco Corporation Singapore said that Cosco  (Dalian) Shipyard Group Co, a 51% owned unit of its subsidiary, has recently delivered a salvage lifting vessel to its Chinese customer and a bulk carrier to its European customer.   De Bo 3, the 17,000 dwt salvage lifting vessel, was handed over to  its Chinese buyer. It  measures 159.6 meters in LOA (length of all), 38.8 meters in breadth and 10.9 meters in depth.    Myrto, the second ship, 81,600 dwt bulker has a length of 229 meters and a width of 32.2 meters was delivered to  to its European buyer.    The delivery documents were signed by and between COSCO Dalian and the buyers recently.

COSCO Corporation (Singapore) Limited has seen its net loss widen in the third quarter of 2016 to SGD 102.3 million (USD 72.6 million) from SGD 82.1 million (USD 58.2 million) reports Business Times. “It has been another difficult quarter for our industry. Persistent weakness in crude oil prices has taken its toll on the offshore marine industry and is showing no sign of letting up. Shipbuilding order books and contract prices are suffering under the heavy weight of the industry over-capacity amidst a weak global economy which has also depressed shipping rates,” Gu Jing Song, Vice Chairman and President of the Company, said in a statement.

Chinese shipbuilder Cosco Corporation (Singapore) has suffered a net loss of S$ 36.8 million (US$ 27.4 million) in the second quarter of 2016. The net loss for the same quarter a year earlier stood at S$ 4.7 million. The widened quarterly loss was attributed to losses in the company’s shipyard and shipping operations. A report in the Strait Times say that the sluggish marine engineering and shipping markets continued to weigh on revenue, which slid 11 per cent for the three months ended June 30 to S$762.9 million. "The bearish industry outlook looms large in the near term as external weaknesses beyond our control continue to brew across our markets," said the company's vice chairman and president Wu Zi Heng. The worst is yet to come, said Cosco.

Singapore-listed ship repair, marine engineering and dry bulk shipping company COSCO Corporation (Singapore) Limited has recorded a net loss of USD 11.7 million in the first quarter of 2016, compared to a net profit of USD 4.2 million in the corresponding quarter of 2015. The deep is attributed mainly to the poor shipbuilding and dry bulk shipping businesses.The group booked lower revenues from shipyard operations and dry bulk shipping. Revenue fell by 27% year-on-year to $716.6 million owing to lower contributions from shipbuilding and dry bulk shipping, partially offset by higher revenue from ship repair. Turnover from dry bulk shipping and other businesses decreased 45.2% to $5.7 million in Q1 2016 on decreased charter rates.

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.

Shares of Cosco Group and China Shipping have taken a hammering on the stock markets  as two major companies lost about $900 million in total market value after the government proposed combining its two key ocean liner groups, reports Bloomberg. China’s shipping giants led the declines with drops of as much as 30 percent, the most on an intraday basis in more than 10 years. The shares had been halted from trading since August pending an announcement by their parent companies. Cosco  shares have been suspended from trading since August 11, after it was reported that its majority shareholder Cosco Group is eyeing a privatisation exercise for the struggling shipping company.

Norway-headquartered drilling contractor Sevan Drilling and Chinese shipbuilder Cosco Corporation have agreed to delay the end of the first deferral period for cylindrical ultra deep water drilling rig Sevan Developer from 15 October 2015 to 1 November 2015. In May 2011, Sevan Drilling entered into a contract with Cosco for the construction of Sevan Developer, based on the same design as other Sevan Drilling rigs. Under the contract, COSCO was to deliver the rig in October 2014. However, construction was delayed because of lack of equipment from subcontractors. At that time, delivery was put back by a year, with options exercisable at a six-month interval to further extend the delivery date up to a total of 36 months, until October 2017.

Cosco Corporation has warned investors of an expected net loss for the second quarter ended 30 June 2015, as against a profit in the previous corresponding period. The company said the loss is mainly due to the low crude oil prices over recent months which have had an adverse impact on the global offshore marine industry. Further details of the Company’s financial performance will be disclosed when the Company announces its 2Q 2015 Results, which are scheduled to be released July 31.

Cosco (Guangdong) Shipyard secured a contract worth over 129 million yuan ($20.8m) to build one research vessel, to be delivered in the fourth quarter of 2017.   The contract will become effective upon the receipt of letter of guarantee from the shipyard's bank.    Cosco (Guangdong) Shipyard is a subsidiary of Cosco Corporation (Singapore) Ltd's 51 per cent-owned subsidiary, Cosco Shipyard Group.   The contract is not expected to have a material impact on the net tangible assets and earnings per share of Cosco Corporation (Singapore) for the year ending Dec 31, 2015.   Cosco Guangdong Shipyard received its first ever research vessel conversion contract from Guangzhou Geological Survey at the end of May.

Cosco Corporation (Singapore) Limited, offshore marine engineering, shipbuilding, ship repair & conversion and dry bulk shipping group, has posted a net profit of SGD4.25 million (USD3.19 million), down 82% year-on-year for the first quarter that ended 31 March 2015. The Singapore-listed Chinese shipbuilding and dry bulk shipping group's turnover decreased 4.6% to $991.2 million in Q1 2015 from $1.04 billion owing to falls in shipyard and dry bulk shipping revenues. The company's revenue from its shipyard operations segment decreased by 4.7% y/y to SGD980.8 million in 1Q15 from SGD1.03 billion in 1Q14, owing to lower revenue contribution from marine engineering and ship repair. This was partially offset by an increase in revenue from shipbuilding.

COSCO Corporation Singapore Ltd, part of one of China's largest shipbuilding groups, said its first-quarter net profit dropped 94 percent year-on-year to S$766,000 ($579,600) on weak performance in shipyard and bulk shipping businesses. COSCO Corp, a Singapore-listed subsidiary of Chinese state-owned maritime conglomerate China Ocean Shipping (Group) Company, posted a revenue of S$991.2 million ($750 million), down 4.6 percent on the year. ($1 = 1.3216 Singapore dollars) (Reporting by Rujun Shen

The Board of Directors of COSCO Corporation (Singapore) Limited have informed that COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract valued at approximately USD30 million from a European buyer to build one (1) 4500 square meters Livestock Carrier. The Livestock Carrier is scheduled for delivery in the second quarter of 2016. Additionally, the ship owner has an option to render effective, within six (6) months, one (1) contract for the construction of a similar vessel. The Company will announce when the contract under the option is declared effective.

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered a 80,000 DWT bulk carrier, "CIC EPOS", to its European Buyer.   The delivery documents were signed by and between COSCO Dalian and the buyer recently.   The vessel measures 229 meters in LOA (length of all), 32.26 meters in breadth and 20.25

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd ("COSCO Dalian"), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered a 80,000 DWT bulk carrier, "FLAG ZANNIS", to its European Buyer.   The delivery documents were signed by and between COSCO Dalian and the buyer recently.   The vessel measures 229 meters in LOA (length of all), 32.26 meters in breadth and 20.25 meters in depth.

1. COSCO (Qidong) Offshore Co., Ltd Contract from a Singapore entity to build one (1) Floating Accommodation Unit (FAU) scheduled for delivery in 1Q2017. The buyer has also secured options for five (5) additional FAUs. 2. COSCO (Dalian) Shipyard Co., Ltd The contract under the first option cited in the announcement dated 12 September 2013 to build one (1) 21,000DWT Module Carrier for a European company has been rendered effective. The vessel is scheduled for delivery in 2Q2016. Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.

COSCO Corporation (Singapore) says that its subsidiary COSCO (Zhoushan) Shipyard has secured a contract valued over USD56 million from an Asian buyer to build two 64,000 dwt bulk carriers. The two vessels are scheduled for delivery in 4Q2016 and 1Q2017 respectively. COSCO adds that barring any unforeseen circumstances, the contract is 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 2014.

COSCO Corporation (Singapore) says that its subsidiary COSCO (Dalian) Shipyard has secured the 4 ship construction contracts from  Maersk Supply Service AS (MSS) which are worth over US$470-M (excluding owner furnished equipment). MSS has also secured options for two additional subsea supply vessels. The vessels are scheduled for delivery in 4Q2016 and 1H2017 respectively. COSCO adds that barring any unforeseen circumstances, the above 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 2014.

Singapore Exchange mainboard-listed COSCO Corporation (Singapore) Limited a leading ship repair & marine engineering and shipping group, today announced its 2nd quarter financial results for the 3 months ended 30 June 2014. Group turnover increased 28.8% to $1.1 billion in Q2 2014 from $890.3 million in Q2 2013 supported by the increase in shipyard revenue. Turnover from shipyard operations increased 29.3% to $1.1 billion in Q2 2014 from $877.2 million in Q2 2013 mainly on higher revenue contributions from ship repair, ship building and marine engineering segments. The Group delivered 3 bulk carriers, 1 pipelay heavy lift vessel, 1 tender barge and 1 float-over launch barge in Q2 2014.

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Nantong) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered one jack-up rig, “KAI XUAN YI HAO”, to its Asian buyer. The delivery documents were signed by and between COSCO Nantong and the buyer recently. The jack-up rig, measuring 66.71 meters in LOA (length of all), 67.06 meters in width, is designed to operate at water depths of 400 feet and is capable of performing drilling operations at depths of up to 35,000 feet.

Contracts from a European company to build one (1) DP3 accommodation barge scheduled for delivery in 3Q2016 and an Asian company for two (2) 64,000DWT bulk carriers scheduled for delivery in 1H2016. Additionally, the contract under the second option cited in the announcement dated 12 September 2013 to build one (1) 64,000DWT dry bulk carrier for a European company has been rendered effective. The bulk carrier is scheduled for delivery in 2Q 2017. Contracts from an Asian company to build two (2) 82,000DWT bulk carriers scheduled for delivery in 4Q2015 and 1Q2016 respectively; and a European company to build two (2) 82,000DWT bulk carriers scheduled for delivery in 2Q2016 and 3Q2016 respectively.

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.

COSCO Corporation (Singapore) Limited informs that its subsidiary COSCO (Guangdong) Shipyard has had contract options taken up for the construction of 4 Platform Supply Vessels (PSVs). The new vessels are scheduled for delivery from 2Q 2016 to 1Q 2017, and the shipowner has also secured options for two additional platform supply vessels of this type. The contracts for the PSVs have a total value of approximately US$ 120-million.