COSCO Group, China's leading shipping and logistics service provider,inked in
Boao, Hainan Province, yesterday contracts with four domestic shipyards to build
66 ships.
Zhang Fusheng, a COSCO spokesman, did not disclose the total value of these
shipbuilding contracts but said they summed up to a record amount for the
shipping giant.
The move is to help meet China's strong demand for shipping as the country's
fast economic development gives rise to more imports of energy resources and
more auto imports and exports, said analysts.
Wu Bangguo, Chairman of the Standing Committee of China's National People's
Congress, attended the signing ceremony on the sidelines of the annual
conference of the Boao Forum for Asia.
The 66 ships - including container ships, bulk cargo ships, oiltanker and car
carriers - will have a total deadweight tonnage of 5.14 million.
They will be built by four domestic firms, including China Shipbuilding
Industry Corp., COSCO Shipbuilding Industry Co. and COSCO Shipyard Group, and
will be delivered between 2008 and 2010.
COSCO currently owns 740 ships, with a total loading capacity of 46 million
dwt.