China Cosco Holdings Orders Nine

China Cosco Holdings Co (CCHC) says the nine 57,000-bulkers ordered at Cosco Shipyard Group will cost it $348.9m, or $38.7m each. CCHC confirmed that Cosco HK Shipping will acquire six of the ships, while the remaining three will go to Cosco Bulk.

Deliveries will be swift with CCHC saying it expects the nine supramax bulkers to be handed over between March and July 2009. Under the terms of the newbuilding deal payments will be made in US dollars in five installments according to the stages of construction.

Source: Seanews