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Cosco books four bulkers for $108m

Cosco books four bulkers for $108m
China Cosco's subsidiary Prosperity Investment 2011 Limited has booked four 64,000 dwt dry bulk carriers at Huangpu Wenchong shipyard.

The yard, a subsidiary of China State Shipbuilding Corp (CSSC), has valued the newbuilding at $27m each for delivery between 2015 to 2017.

Cosco said that the latest shipbuilding orders would help the company renew its dry bulk fleet.

Financially-weakened Cosco has also recently ordered four VLCC newbuilds from China Shipbuilding Industry Co (CSIC), with delivery slated in 2016.

Cosco has been struggling against a potential delisting from the Shanghai Stock Exchange after it posted three years of consecutive annual losses.