China’s shipping major China Cosco Shipping Group (Coscocs) has officially established its dry bulk shipping arm, Coscocs Bulk Shipping in Guangzhou, China on Thursday.
The newly established company owns and operates a fleet of over 380 bulk carriers, with a total of some 34.5 million deadweight tons.
The new company was formed as a result of a structural reorganization following the merger of China Cosco Group and China Shipping Group, making China Cosco Shipping Corporation (Coscocs).
The announcement comes after Coscocs signed a contract with China State Shipbuilding Corporation (CSSC) in Shanghai for the construction of ten 400,000-tonne VLOCs.
Scheduled to be built by the group’s Shanghai Waigaoqiao Shipbuilding, the ore carriers are expected to transport ore for Brazilian miner Vale.
The company earlier signed a 27-year agreement with Vale under which it committed to transport 16 million tons of iron ore on an annual basis.
The newbuilds are slated for delivery between 2018 and 2019.
World Maritime News Staff