Saturday , 25 May 2019
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COSCO Shipping to raise US$2bn for 20 new ships
COSCO has previously agreed to acquire OOCL for US$6.3bn

COSCO Shipping to raise US$2bn for 20 new ships

Now back in profit, COSCO Shipping has announced plans to raise 12.9bn yuan (US$2bn) to fund the construction of 20 new container vessels, with 11 of more than 20,000 teu in capacity.

In particular, six ships will have a capacity of 21,237 teu and five vessels will each be able to carry 20,119 teu.

From the remainder, four ships will have a capacity 14,568 teu and five will havea capacity of 13,800 teu.

The Chinese state-owned carrier reported a profit of 2.7bn yuan over the first nine months of this year following a 9.2bn yuan loss over the equivalent period in 2016.

The move comes during a positive year for container shipping with several carriers feeling confident enough to contemplate new orders for ships.

In September, CMA CGM confirmed that it is ordering nine vessels with a capacity of 22,000 teu while MSC has 11 similarly sized ships on order.