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Cosco Shipping to Award Contracts for 24 Vessels

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COSCO SHIPPING Development (SHA:601866, HKG:2866) said it agreed to award contracts for 24 vessels to Dalian Heavy Industry and China State Shipbuilding Group, according to a Hong Kong bourse filing Tuesday.

The firm plans to contract Dalian Heavy Industry to build 15 multipurpose grain vessels with a capacity of 87,000 deadweight tonnage for around 4.79 billion yuan.

It further plans to contract China State Shipbuilding Group to build 9 vessels, including five multipurpose grain ships and 2 each of bulk carriers and dry cargo ships, for 3.87 billion yuan.

The contracts are subject to shareholder approval.

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