COSCO to build bigger vessels

COSCO Corporation has secured shipbuilding contracts worth $724 million to build 16 bulk carriers for German, Taiwanese and Greek shipowners. The vessels consist of bulk carriers of 57,000, 80,000 and 92,500 dwt and will be delivered between March 2010 and July 2011.

The contracts are seen as significant for COSCO because it has so far focused on the building of 57,000-dwt bulkers. COSCO only started its foray into the shipbuilding business at the beginning of this year.