Cosco adopts cautious outlook as new orders dwindle

More shipowners will be sitting at the sidelines instead of purchasing new vessels from the marine engineering specialist.

“Our Group maintains a cautious outlook for 2012 as the state of global economy remains fragile," said Capt. Wu Zi Heng, COSCO Vice Chairman and President, after the release of the 2Q12 financial results.

"With excess capacity in the shipping industry and the uncertain global economic conditions, shipowners may be reluctant to place new orders for vessels and the Group may experience a decline in new orders in ship building.”

As at 30 June 2012, the Group’s order book stood at US$5.9 billion with progressive deliveries up to 2014. This order book is subject to revision from any new orders or cancellation or rescheduling of orders that may arise. New orders received in 1st half 2012 amounting to US$1.0 billion include 1 wind turbine installation vessel, 1 tender rig, 1 semi-submersible accommodation vessel, 2 pipelay heavylift offshore construction vessels, 2 tender barges, 3 bulk carriers and 4 platform supply vessels

Also Read

Institution of Engineers sets up new board to promote faster chartership registration

Hanwha raises offer to $0.67 to acquire full control of Dyna-Mac Holdings

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit