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COSCO plans 40 new ships

By Albert Adams,2014-07-08 00:03
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COSCO plans 40 new ships

COSCO plans 40 new ships

    COSCO Shipping, the general cargo and heavylift shipping arm of COSCO Group, today told Fairplay it plans to order up to 40 new ships.

    The company now has an outstanding orderbook of 22 vessels, mostly multipurpose cargo and heavy-lift ships, eight of which will be delivered this year, six in 2012 and another eight in 2012.

A company executive told Fairplay: We do have plans to order up to 40

    new ships, but the final decision will also depend on market demand. For now, were optimistic because of the huge demand for wind energy and the exploration of oil and gas.

We expect to invest $1.5Bn in the long run on newbuildings, the source

    disclosed.

    Demand for heavy-lift transport depends on needs for large-scale project work in the oil and gas, wind energy and engineering sectors, the source added.

    Sea-Web shows that the company now operates about 60 ships, mostly MPP and heavy-lift types.

    In January, COSCO Shipping launched a $334M rights issue to finance its newbuilding programme; the company said further fund raising would be needed if it follows up on expansion plans.

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