China Cosco buys five boxships for $435m

CSSC's Shanghai Jiangnan Changxing Shipbuilding will deliver the newbuildings to China Cosco between 2016 to 2017, China Cosco announced on Tuesday.

Last month, the Chinese state-owned shipping conglomerate also ordered four 64,000 dwt bulkers at Huangpu Wenchong Shipyard, and booked four VLCCs at the yards of China Shipbuilding Industry Co (CSIC).

Meanwhile, financially-weakened China Cosco recently announced that it is set to return to the black for 2013, reversing from a deficit of RMB9.56bn ($1.58bn) the year before, potentially averting a delisting from the Shanghai Stock Exchange.