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Marine Log

September 24, 2007

COSCO Shipyard Group books $724.36 million in bulker orders

China's COSCO Shipyard Group has won orders worth $724.36 million to build 16 bulk carriers for shipowners based in Germany, Taiwan and Greece.

Orders placed at COSCO Zhoushan Shipyard include four 92,500 dwt bulkers at $49.4 million apiece and two 57,000 dwt bulkers at $38.5 million.

The remaining ships will be built at COSCO Dalian. It is getting $39.1 million each for two 57,000 dwt ships and has a further two of this size booked at $40.15 million each. In addition it will build six 80,000 dwt bulkers at $4845 million each.

The 16 bulk carriers will be delivered between Mar 2010 and Jul 2011.

Historically, COSCO Shipyard Group has specialized in ship repair.

However, in the words of its Vice Chairman Mr. Ji Hai Sheng, it "has been progressing leaps and bounds since we made our strategic foray into the shipbuilding business at the beginning of this year."

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