COSCO announces, that on 17 September 2014, the COSCO Entities, each being a single-vessel holding company of COSCO Asset Management, as buyers entered into the New Shipbuilding Agreements with China Shipbuilding Trading and Changxing Shipbuilding as sellers for the construction and sale of five 14,500 TEU container vessels at an aggregate consideration of US$618,000,000, the company said in its press release.
Delivery of the five 14,500 TEU container vessels is scheduled to be made from 2017 to 2018, subject to the delays and extension of time for delivery clause in each of the New Shipbuilding Agreements.