August 23, 2007

COSCO wins orders worth $708 million

China's COSCO Shipyard Group has announced shipbuilding and conversion contracts aggregating US$708.1 million from several international customers.

Contract	Value, USD Million	Commencing
16 x 57,000 dwt bulk carrier newbuildings	US$623.4	Jan 2008
4 Product Tanker to General Cargo conversions	US$28.0	Feb, Apr, Jun, Aug 2008
1 Very Large Ore Carrier conversion	US$25.0	Mar 2008
1 Oil Tanker to FPSO** conversion	US$21.7	Aug 2007
2 Single-hull to Double-hull conversions	US$10.0	Mar, Jun 2008

The projects will be carried out at COSCO's Zhoushan, Dalian, Nantong and Shanghai shipyards.

The 16 bulk carrier contracts signed with Greek, Turkish and Liberian-flag customers are targeted for progressive deliveries in 2009 and 2010.

The conversion contracts came from customers from the U.S.A, Taiwan and India, and are expected to be completed in 2008.

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