COSCO to convert four tankers in US$20.5 million contracts

COSCO Corp (Singapore) Ltd?s 51%-owned subsidiary, COSCO Shipyard Group, has secured four high value contracts totaling US$20.5 million from Greek and Middle East oil tanker owners for double hull tanker conversions.

The contracts comprise:

A single-to-double bottom conversion

A single-to-double hull conversion

Two single-to-double bottom and hull conversions

The work will be carried out at the Group?s yards at Nantong, Dalian and Shanghai. Already experienced in double bottom and hull conversions, COSCO Shipyard Group, the largest ship repair group in the People?s Republic of China, expects more such high value contracts as single hull tankers are phased out over the next few years in compliance with the IMO regulations.