China COSCO orders 25 new vessels

China COSCO Holdings Company has agreed to spend $2.29bn for 25 new vessels of an aggregate 106,800teu and 2.113m dwt.

The series of agreements for eight 13,350teu vessels for $1.3bn, nine 57,000dwt dry bulk vessels for $348.9m and eight 200,000dwt dry bulk vessels for $612.8m are expected to help China COSCO cope with steadily increasing market demand for dry bulk. The Nantong COSCO KHI Ship Engineering, which holds contracts for two vessel types, is expected to deliver the first five 13,350teu vessels in 2012 with the remaining three for delivery in 2013, while the eight 200,000dwt dry bulk vessels are slated for delivery between 2010 and 2012. The nine 57,000dwt dry bulk vessels will be delivered by COSCO Shipyard Group between March-July 2009.

Read More