Cosco secures contract to build 7 container vessels for Maersk

SINGAPORE - Mainboard-listed Cosco Corporation (Singapore) Ltd said on Friay Cosco (Zhoushan) Shipyard Co. Ltd, a unit of the company's 51-per cent owned subsidiary, Cosco Shipyard Group Co. Ltd, has secured a contract with Maersk Line to build seven, 3,600 TEU (twenty-foot equivalent) container vessels.

Cosco Zhoushan and Maersk Line have agreed to keep the contract price confidential. The container vessels are scheduled for delivery between April 2017 and November 2017.

Maersk Line also has an option to place order for an additional two container vessels within eight months.

The above contract is not expected to have any material impact on the net tangible assets

and earnings per share of the company for the year ending December 31. 2015.