COSCO once again orders 10 bulk carriers

2014-09-25 09:00

Just a week after spending $618 million on five 14500TEU container ships on September 17, Container ships ( Ship type Shipyard Transaction COSCO Group placed another order for 10 Bulk carriers ( Ship type Shipyard Transaction This includes six 81,600-dwt bulk carriers and four 208,000-dwt bulk carriers, respectively at CSSC Chengxi ( Location Comments News shipyard and Shanghai Waigaoqiao Shipbuilding ( Location Comments News or Jiangnan Changxing Shipbuilding ( Location Comments News The two orders totaled $420 million.

On the evening of September 24, China COSCO Shipping Corporation Limited announced that its subsidiary, prosperityinvestment, as the buyer, and CSSC Trade Co., Ltd. and CSSC Chengxi Shipyard ( Location Comments News signed a shipbuilding agreement on the 24th as joint sellers. The agreement stipulates that CSSC Chengxi Shipyard will build, launch, equip, and deliver six 81,600-dwt bulk carriers for prosperityinvestment. The total contract price is $188.88 million.

Meanwhile, with prosperityinvestment as the buyer, and CSSC Trade Co., Ltd. and Shanghai Waigaoqiao Shipbuilding as joint sellers, a shipbuilding agreement was signed on the 24th. This agreement stipulates that Shanghai Waigaoqiao Shipbuilding and/or Jiangnan Changxing Shipbuilding will build, launch, equip, and deliver four 208,000-dwt bulk carriers for prosperityinvestment. The total contract price is $231.6 million.

According to the agreement, the six 81,600-dwt bulk carriers are expected to be delivered between 2016 and 2017, while the four 208,000-dwt bulk carriers are expected to be delivered in 2017, with the possibility of earlier or later delivery according to the delivery terms of the Shanghai Waigaoqiao Shipbuilding agreement.

China COSCO Shipping stated that the signing of the shipbuilding agreements through its subsidiaries aims to optimize the company's bulk carrier fleet structure and enhance the overall competitiveness of the fleet. The ship prices stipulated in the shipbuilding agreements were determined through fair negotiations between the parties based on the prevailing market price.

Statistics show that, based on the information released so far this year, China COSCO Shipping has already ordered or is about to order more than 40 new ships, and it is expected that the expenditure on ship purchases this year will exceed $2.3 billion.

Regarding this new round of shipbuilding orders by China COSCO Shipping, an industry insider said, "This round of ship purchases is significantly different from the past. Last time, COSCO bought ships at high prices during the best market conditions, which led to them being caught off guard when the market plummeted. This time, however, they are purchasing ships during a market downturn, at relatively low prices, preparing for a market rebound in the future."

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