COSCO Signs Newbuild Order for 8 Bulk Carriers

china cosco headquarters
A Chinese national flag flies in front of COSCO’s headquarters in Beijing in this August 26, 2010 file photo. (c) REUTERS/Barry Huang

Jay Goodgal will no doubt be shaking his head this morning on the latest news from COSCO which has ordered eight new bulk carriers via its investment holding company, Prosperity Investment 2011, Ltd.

The order includes four 40,000 dwt ships and four 180,000 dwt capesizes at aggregate prices of USD $99.2 million and USD $212.8 million, respectively.  The ships will be built at Tianjin Xingang Shipbuilding Heavy Industry Co. – a member of the China Shipbuilding Industry Corporation (CSIC).

Deliveries are expected in 2015 and 2016.

In an emailed statement, COSCO notes that the reason for the order is “to upgrade the fleets of bulk carriers of the Group and improve the competitiveness of its fleet as a whole.”