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Cosco Shipyard bags first vessel newbuild orders

Cosco Shipyard bags first vessel newbuild orders

Shanghai: One of China's best known ship repair companies is venturing into the newbuild scene. Cosco Shipyard with five repair centres across the mainland has just won an order from Turkey, thought to be Geden Lines, for six 57,000 dwt bulkers to be constructed at the revamped Cosco Zhoushan Shipyard.

Each ship will cost $33m with early deliveries scheduled between 2008 and 2009. A 300,000 dwt drydock is under construction to add to the 200,000 dwt dock already in place at the yard, located on an archipelago between Ningbo and Shanghai. The yard bagged an order to construct a floating, storage and offloading unit last summer but the Turkish order marks its first commercial vessel orders.

Ji Hai Sheng, vice chairman of Cosco and Cosco Shipyard, stated that "We are pleased to mark another significant milestone with the win of our first commercial vessel newbuilding project. Having laid strong foundation for our ship repairs and conversion and offshore marine engineering business, we are well poised for further expansion ahead with our third kernel of growth - commercial vessel building."

Cosco already has a highly successful joint venture shipbuilding yard with Kawasaki at Nantong.  [18/01/07]