The Straits Times / The Business Times News on Cosco

Cosco wins $513m in contracts

COSCO Corp yesterday announced that its China subsidiary has inked US$338.9 million (S$512.8 million) worth of building contracts for 10 bulk carriers each with a capacity of 57,000 deadweight tonnes.

The carriers will be delivered between June and December next year to Qingdao Ocean Shipping, Cosco Bulk Carrier and other units of China Ocean Shipping (Group). Payments will be made in five instalments.

The contracts are not expected to have any material impact on the net tangible assets or earnings of the company for the 2007 financial year ending Dec 31.