COSCO SHIPPING Places Order For 18 Vessels

MT Newswires Live01-14

COSCO SHIPPING (HKG:1919) placed an order for the construction of 18 vessels, according to a Hong Kong bourse filing Tuesday.

Shares of the container shipping firm fell nearly 1% in morning trade Wednesday.

The firm entered into a shipbuilding contract with Jiangnan Shipyard and China Shipbuilding Trading for 12 vessels priced at 1.4 billion yuan each or 16.79 billion yuan in total.

The firm also entered into another contract for a further six container vessels with its associate Heavy Industry (Zhoushan). The firm will pay 330 million yuan per container vessel or 1.98 billion yuan in total.

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