COSCO Corporation (Singapore) Limited has announced that shipyards, which are subsidiaries of the Company’s 51% owned subsidiary COSCO Shipyard Group Co., Ltd, have secured contracts valued at approximately USD150 million to build one 22,00 0 DWT Product Oil Tanker and two Cargo Transfer Vessels as follows:
1. COSCO (Dalian) Shipyard Co., Ltd Contract from an Asian company to build one 22, 000 DWT Product Oil Tanker. The vessel is scheduled for delivery in the fourth quarter of 2016.
2. COSCO (Nantong) Shipyard Co., Ltd (“COSCO ( Nantong)”) and COSCO (Guangdong) Shipyard Co., Ltd (“COSCO (Guangdong)”) Contract from a European company to build two Cargo Transfer Vessels. The first vessel will be constructed by COSCO (Nantong) and is scheduled for delivery in the third quarter of 2017. The second vessel will be constructed by COS CO (Guangdong) and is scheduled for delivery in the first quarter of 2018. The buyer has also secured options for four add itional cargo transfer vessels.