COSCO Shipping to raise money for 18 ships
Over 99.7 percent shareholders of COSCO Shipping Co., Ltd. voted yes at the recent yearly shareholders' meeting to its proposal of issuing shares, whose proceeds may be not more than CNY 3.9 billion. The Chinese shipping giant plans to earmark CNY 688 million for the repayment of some debts resulting from the building of two 55,000-tonnage semi-submersible vessels. Moreover, it will put CNY 3.3 million in the building of 18 new multi-purpose ships and heavy lifters, whose shipping capacity will reach 490,000 tons and account for 40 percent of its enlarged total capacity.
Earlier this year, COSCO Shipping won an order of ten 27,000-tonnage new-type multi-purpose vessels from CSSC Guangzhou Huangpu Shipbuilding Co., Ltd. and Taizhou Kouan Shipbuilding Co., Ltd., said previous reports.
These products, with a total production cast estimated at USD 310 million or so, are scheduled to be delivered from June 2011 to the two buyers, both of which are under the aegis of China State Shipbuilding Corporation (CSSC).
Earlier this year, COSCO Shipping won an order of ten 27,000-tonnage new-type multi-purpose vessels from CSSC Guangzhou Huangpu Shipbuilding Co., Ltd. and Taizhou Kouan Shipbuilding Co., Ltd., said previous reports.
These products, with a total production cast estimated at USD 310 million or so, are scheduled to be delivered from June 2011 to the two buyers, both of which are under the aegis of China State Shipbuilding Corporation (CSSC).