Cosco Corp pops the champagne on USD54m contract win

Bulk carriers will be delivered end-2014.

In a release, Cosco Corporation announced that COSCO Shipyard Co. Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd, has secured a contract valued over USD54 million from an Asian buyer to build two (2) 64,000 DWT bulk carriers.

The two bulk carriers are scheduled for delivery in the fourth quarter of 2014.

Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.

Barring any unforeseen circumstances, the contract is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2013.