Shiprepair boom

Cosco Corp. Singapore expects its shiprepair business to account for about 70% of total revenue in the next 1 or 2 years after its recent acquisition of a shipyard in China, company President Ji Hai Sheng said recently.

Cosco Corp., a unit of China’s largest shipping conglomerate, COSCO Shipping Co. operates in three business segments: bulk carrier shipping, shipping-related – including ship repair and conversion – and onshore.

In the second quarter ended June 30, Cosco’s bulk shipping business made up about 80% of its S$27.6 million revenue, with its shiprepair and onshore agency business accounting for the remainder.

Cosco is also eyeing further acquisitions in Southeast Asia to rapidly expand its shiprepair business.

“We will pay more attention to shiprepairs,” Ji said, “We have plans for future expansion after completion of the CSG deal.”