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China Cosco splashes out $1.5bn on 11 big containerships

China Cosco splashes out $1.5bn on 11 big containerships
China Cosco Holdings has splashed out $1.51bn to buy 11 large containerships at four domestic shipyards.

Shanghai-listed Cosco said it has approached its joint venture yard Nantong Cosco KHI Engineering (Nacks) to build four 19,000 teu boxships at a total price of $541.2m.

The state-owned shipping conglomerate also went to another joint venture yard Dalian Cosco Kawasaki Shipbuilding (Dacks) to build two similar sized ships at a total price of $270.6m.

Three 19,000 teu newbuildings were also contracted at Shanghai Waigaoqiao Shipbuilding (SWS) at a combined cost of $418.5m.

Dalian Shipbuilding was also selected by Cosco to construct two 19,000 teu containerships at a total price of $279m.

All the newbuilding contracts were signed on 9 September and deliveries are planned for 2018.

Cosco believes that the latest newbuilding signings will help to improve its fleet profile and progressively increase its shipping capacity.