China COSCO Announces 14,500 TEU Newbuildings

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September 17, 2014

Cosco Asia, image courtesy Port of Hamburg

China Cosco Holdings says it has entered into newbuilding contracts with CSSC’s Changxing Shipbuilding for the construction of five 14,500 TEU containerships as COSCO continues to upgrade its fleet in an effort to increase its competitiveness.

In a stock exchange announcement, COSCO says it has ordered the five ships for a total cost of US $618 million, or US $123.6 million per vessel, which it will fund through a combination of internal resources and bank borrowings.

Delivery of the five vessels is scheduled from 2017 to 2018.

The order from COSCO follows previously disclosed new shipbuilding agreements announced in December 2013 for four 64,000 DWT bulk carries; January for five 9,400 TEU container vessels; June for four 64,000 DWT bulk carriers and two 78,000 DWT bulk carriers; and July for four 38,800 DWT bulk carriers and four 63,800 DWT bulk carriers.

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