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Cosco confirms order for five 14,500 teu containerships

Cosco confirms order for five 14,500 teu containerships
China Cosco has placed an order to build five 14,500 teu containerships at a total cost of $618m.

The large newbuilding boxships will be constructed at China Shipbuilding Trading and Shanghai Jiangnan-Changxing Shipbuilding with delivery scheduled between 2017 to 2018.

China Cosco’s order was originally for containerships of 14,000 teu, but it was redesigned to have a larger capacity of 14,500 teu instead.

In July, China Cosco had announced plans to order the five large containerships as well as six dry bulk carriers of 81,600 dwt each.

The state-owned shipping conglomerate continues to be troubled by losses, but it is making progress in optimising its fleet with the demolition of aged vessels and buying in new ones.

"The company entered into the new shipbuilding agreements in order to upgrade the fleets of the container vessels of the group and improve the competitiveness of its shipping fleet as a whole," Cosco said.