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COSCO Shipping readies war chest

Guangzhou: While announcing its annual results today COSCO Shipping revealed it has set aside up to 3.9bn yuan to buy 18 new multi-purpose and heavylift ships. The firm, COSCO's specialist and heavylift subsidiary based in Guangzhou, has two 50,000 dwt semi-submersible vessels due to deliver shortly.
COSCO Shipping managed to stay in the black in 2009, recording a net profit of 136m yuan, down 90.64% over 2008 with revenues of 3.9bn, down 43.46%.
The company is odds on to order at its sister firm, COSCO Shipyard, when it comes to placing the 18 ship orders.  [16/03/10]

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