COSCO Embarks on Bulker Shopping Spree

Prosperity Investment, a wholly-owned subsidiary of China COSCO Holdings, has inked a deal for six new bulk carriers.The order comes within the company’s fleet modernization campaign aimed at improving the competitiveness of its fleet as a whole.The total value of the deal is USD 175.6 million.

ILLUSTRATION

The company has entered into the 64,000 DWT shipbuilding agreements with China Shipbuilding Trading and CSSC Huangpu Wenchong for the construction and sale of four 64,000 DWT vessels at an aggregate consideration of USD 113.12 million. The remaining two vessels are 78,000 DWT vessels, contracted with China Shipbuilding Trading and Jiangnan Shipyard at a price of USD 62,500,000, respectively.

Delivery of the 64,000 DWT vessels is expected to take place from 2015 to 2016, whereas delivery of the 78,000 DWT vessels is expected to be made in 2015.

The company said it will finance the newbuildings from internal resources and bank borrowings.

Press Release, June 17, 2014, Image: COSCO

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