Cosco clinches bulker orders

The Cosco Shipyard Group in China has secured an order to build 29 bulk carriers worth 1.34 billion US dollars. The latest orders put Cosco’s current order book at $6.4 billion, $6.2 billion of which were secured this year and reports suggest that Cosco could secure another $900 million in orders based on existing options with customers.

The orders total 29 bulk carriers for several unidentified foreign shipowners and consist of 17 vessels of 57,000 dwt, eight of 80,000 dwt and the remaining four are of 92,000 dwt. The bulkers will be built in the company’s Dalian and Guangzhou shipyards and are slated for delivery between October 2009 and December 2011.

COSCO started to expand into the shipbuilding business at the start of the year.