COSCO secures US$51mln contracts for two bulk carriers

Company’s Dalian shipyard also delivered 80,000 dwt bulk carrier, “MAIRINI” to its European buyer.

The Board of Directors of COSCO Corporation (Singapore) Limited (the Company) wishes to announce that COSCO (Guangdong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts valued over USD51 million to build two (2) bulk carriers of 57,000 dwt and 35,000 dwt. The contracts are effective following receipt of the initial deposits from the European ship owner.

The bulk carriers which will be built at COSCO (Guangdong) shipyards are scheduled for deliveries in August 2012 and December 2012 respectively, according to a Cosco report.

The Board of Directors also announces that COSCO (Dalian) Shipyard Co., Ltd “COSCO Dalian”, a subsidiary of the Company’s 51% owned COSCO Shipyard Group Co, has delivered a bulk carrier of 80,000 dwt, “MAIRINI”, to its European buyer.

The delivery documents were signed by and between COSCO Dalian and the buyer on 16 September 2010.

The bulk carrier measures 20.25 meters high, 32.27 meters wide, and 229.04 meters long.