COSCO to Acquire Bulk Vessels and Crude Carriers

In five years, this is China COSCOs first purchase of new vessels.
On 30th December, bulk vessel contract was inked with CSSC Huangpu Wenchong Shipbuilding Co, a subsidiary of china State Shipbuilding Corp. The price for each ship was 654 million yuan ($108 million), declared by the company.
Simultaneously, China COSCO laid another order for a VLCC with Dalian Shipbuilding Industry Co, a major shipyard of China Shipbuilding Industry Corp, since it placed orders for another four VLCCs previous week.
Moreover, the main broker for these orders was Chinas new subsidy policy to promote the nations shipping companies in diminishing number of aging vessels and substitute them with technically boosted vessels.
COSCO, January 3, 2014