COSCO secures contracts for seven bulk carriers
Wednesday, 29 February 2012 | 00:00
The Board of Directors of COSCO Corporation (Singapore) Limited (the "Company") is pleased to announce that COSCO (Guangdong) Shipyard Co., Ltd (a subsidiary of the Company's 51% owned subsidiary, COSCO Shipyard Group Co., Ltd), has secured a contract from a European company to build a bulk carrier of 35,000 dwt. The vessel is scheduled for delivery in the first quarter of 2013, 4-traders reports.
Separately, COSCO (Zhoushan) Shipyard Co., Ltd (which is also a subsidiary of COSCO Shipyard Group Co., Ltd.) has secured two contracts and four option contracts from another European company to build a total of six units of 64,000 dwt bulk carriers with eco-friendly and fuel-efficient designs. The two contracts will become effective following approval from the shipbuilder's board of directors. Delivery of the two vessels is expected to be in the first quarter and the second quarter of 2014 respectively. Upon the approval of the two contracts, the shipowner has the option to declare two of the option contracts to become effective within 12 months and the other two option contracts to become effective within 24 months. Delivery of the vessels under the option contracts is expected to take place within 18 months after the option contracts become effective.
The Company will make announcements as and when the shipbuilding contracts and/or the option contracts become effective.
The total contract value for the above seven bulk carriers is over US$190 million. None of the directors or controlling shareholders of the Company has any
interest, direct or indirect in the contracts.
The above contracts are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31st December 2012.
Source: Cosco Corp.
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