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Marine Log

January 23, 2008

COSCO Shipyard Group wins orders worth $422 million

China's COSCO Shipyard Group ("CSG") has won orders worth $422 million. They include several high-value conversions and a $171.6 million contract from a Norwegian customer for two shuttle tanker newbuilds, plus options for two more .

The tankers are to be built at COSCO Nantong Shipyard and are expected to be delivered in 2010 and 2011.

The 18 conversion contracts valued at US$250 million were secured by Cosco Nantong Shipyard, Cosco Dalian Shipyard, Cosco Zhoushan Shipyard and Cosco Guangzhou Shipyard. They were awarded by customers from the Americas, China, Greece, Hong Kong, India and Korea, and cover

Type of Conversion No. of Contracts Total Value Estimated Duration
FPSO/FSO conversion 1 US$20.6 m Jan - Sept 2008
Oil tanker to bulk carrier 8 US$101.4 m Mar Oct 2008
Oil tanker to ore carrier 5 US$57.5 m Jan Aug 2008
Single hull to double hull 2 US$22.3 m Mar Jul 2008
VLCC to VLOC 2 US$48. 9m Feb Dec 2008

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