China Cosco to "Improve Competitiveness" with New Bulk Carrier Orders

by Ship & Bunker News Team
Wednesday June 18, 2014

China Cosco Holdings (China Cosco) has ordered six bulk carriers for a total of $175.6 million, industry news site Seatrade Global reports.

CSSC Huangpu Wenchong Shipbuilding Co. will build four 64,000 deadweight tonne (dwt) bulkers, while Jiangnan Shipyard will build two 78,000 dwt ships.

"The company entered into the shipbuilding agreements in order to upgrade the fleets of bulk carriers of the group and improve the competitiveness of its fleet as a whole," China Cosco said.

The company will finance the vessels, which are scheduled for delivery in 2015 and 2016, through international resources and bank loans.

Last year, China Cosco executive Xu Minjie resigned after coming under investigation by Chinese regulatory authorities.