Cosco Shipyard clinches US$110m bulk carrier contract

Three bulk carriers of 82,000 dwt will be built by COSCO Shipyard Co. Ltd. using the secured contracts.

According to COSCO Corporation Limited, the secured contracts valued over US$110m are effective following receipt of the initial deposits from the European ship owner and Chinese ship owner.

The bulk carriers which will be built at COSCO shipyards are scheduled for deliveries in September 2012 and January 2013 respectively.

None of the directors or controlling shareholders of COSCO Corporation Limited has any interest, direct or indirect in the contracts.

The contracts are 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 2010.