HONG KONG (Dow Jones)–Cosco Shipping Co. (600428.SH), the heavy-lift and project cargo unit of state-owned China Ocean Shipping (Group) Co., plans to spend around US$1.5 billion over the next four to five years to buy up to 40 new ships and replace older vessels, the South China Morning Post reported Tuesday, citing Cosco Shipping Chief Operating Officer Guo Jin.
The report cited Guo as saying that the company’s fleet renewal program will coincide with a revival in offshore oil and gas exploration by major energy companies.
Newspaper website: http://www.scmp.com
-By Hong Kong Bureau, Dow Jones Newswires
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