COSCO Entities have entered into shipbuilding agreements worth US$434.5 million with China Shipbuilding Trading and Changxing Shipbuilding for the construction of five 9,400 TEU container vessels.
Under each agreement, the relevant COSCO Entity shall pay the consideration of US$86.9 million in installments, in accordance with the construction progress of the vessel.
Delivery of the vessels is expected to take place from 2016 to 2017.
COSCO Entities are wholly-owned subsidiaries of COSCO Asset Management, and hence wholly-owned subsidiaries of China COSCO Holdings Company Limited.
World Maritime News Staff, January 28, 2014; Image: Wikimedia