Cosco subsidiaries secure shipbuilding contracts worth over $276m in all

Offshore and marine group Cosco Corporation (Singapore) said on Tuesday that its subsidiaries have secured several shipbuilding contracts worth over US$216 million (S$276 million) in all.

Cosco (Zhoushan) Shipyard, a wholly-owned unit of Cosco's 51 per cent subsidiary Cosco Shipyard Group, was awarded contracts to build four 111,000 dwt tankers for an European ship owner. These contracts came into effect recently, Cosco Corp said in a statement on Tuesday.

Delivery of the tankers are expected to start from the first half of 2015. In addition, the European ship owner has an option to declare up to another two contracts to build the same tankers, the company said.

In a separate statement, Cosco Corp said Cosco Zhoushan also secured a contract from an European company to build a stinger barge, which is scheduled to be delivered in the first quarter of next year.

It added that Cosco (Dalian) Shipyard, also a subsidiary of Cosco Shipyard Group, won a contract to build an oil tanker of 22,000 dwt. The tanker is to be delivered in the fourth quarter of next year.

The total value for these two contracts is over US$36 million.