Shipping operator China Cosco has earmarked US$3.2 billion for capital spending between 2010 and 2013 to pay for new ships it ordered earlier, amid a rebound in the global shipping market, reported Dow Jones Newswires.
China Cosco, the listed flagship of state-owned China Ocean Shipping (Group) Co, said it plans to take delivery of 43 container ships with a total capacity of 345,000 TEUs, as well as 22 dry bulk vessels with a total capacity of 3.42 million deadweight tonnes. The company said it has no plans to make new ship orders this year.
Cosco chairman Wei Jiafu said he was cautiously optimistic on the outlook for the second half, though he said the shipping market remains volatile due to oversupply and a higher base for comparison in the year-earlier period. However, the company said the worst should be over for the global shipping industry.
China Cosco, the listed flagship of state-owned China Ocean Shipping (Group) Co, said it plans to take delivery of 43 container ships with a total capacity of 345,000 TEUs, as well as 22 dry bulk vessels with a total capacity of 3.42 million deadweight tonnes. The company said it has no plans to make new ship orders this year.
Cosco chairman Wei Jiafu said he was cautiously optimistic on the outlook for the second half, though he said the shipping market remains volatile due to oversupply and a higher base for comparison in the year-earlier period. However, the company said the worst should be over for the global shipping industry.