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COSCO Shipping Development to Acquire 15 Bulk Carriers

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COSCO Shipping Development (SHA:601866, HKG:2866) plans to acquire 15 bulk carriers with a capacity of 210,000 deadweight tons each, according to a Hong Kong bourse filing.

The company will acquire 10 vessels from Shanghai Waigaoqiao Shipbuilding and China Shipbuilding Trading for about 5.28 billion yuan, and five vessels from Nantong Xiangyu Shipbuilding & Offshore Engineering and Xiamen XMXYG Shipbuilding Trading for about 2.64 billion yuan.

Upon delivery, the vessels will be leased to Wai Fung Shipping under 20-year lease agreements.

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