COSCO Singapore Wins FSRU Deal

Maritime Activity Reports, Inc.

May 21, 2017

Photo: Cosco Shipyard

Photo: Cosco Shipyard

 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. 
 
A couple of weeks ago, COSCO Shipping said s planing to sell equity interest in its shipyard assets for USD 211.5 million to COSCO Shipping Heavy Industry.
 
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