Prosperity Investment 2011 Limited, a wholly-owned unit of China COSCO Holdings Company, has signed an agreement with Tianjin Xingang Shipbuilding for the construction of eight bulk carriers.
According to media reports, COSCO will allocate USD 312 million for four 40,000 dwt (worth USD 99.2 million) and four 180,000 dwt (worth USD 212.8 million) bulkers. Delivery of the vessels is scheduled for 2015 and 2016.
The company said that it had entered in this shipbuilding contract in order to upgrade its fleet and improve competitiveness.
World Maritime News Staff, March 21, 2014