COSCO Corporation (Singapore) Ltd (the Company) announced that COSCO (Zhoushan) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts valued over USD 100 million to build four (4) bulk carriers of 57,000 dwt each. The contracts are effective following receipt of the initial deposits from the European ship owner.

It refers to the announcement made by the Company on 15 June 2010 in relation to the 11 contracts and 4 letters of intent signed by COSCO ( Dalian ) Shipyard Co., Ltd. And COSCO ( Guangdong ) Shipyard Co., Ltd. to build a total of 15 units of bulk carriers. It announced that 2 of the letters of intent for 2 bulk carriers of 57,000 dwt each have become effective following, inter alia, the payment of the initial deposits by the ship owners. Deliveries of these two bulk carriers are expected to take place on January 2012 and April 2013. As announced by the Company on 18 June 2010, 5 July 2010, 14 July 2010, 22 July 2010, 1 November 2010 and including this Announcement, a total of 9 contracts and 2 letters of intent valued had become effective. The contracts and letters of intent valued over USD 300 million. The remaining 2 contracts and 2 letters of intent have lapsed/expired and therefore will not be effective.

It also announced that the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd (“CSG”) has ceased to have management control over Diesel Marine Dalian Ltd (“Diesel Marine Dalian”) and Diesel Marine International (Nantong) Co Ltd (“Diesel Marine International”), being companies in which CSG has an interest of 30%.

 

 

/sgxmasnet/

 

Cosco Shipping Co. rights offering approved

If there are a lot of Delivery and no Confirm Orders then not good.

If New orders come in then Good News, then we know Cosco management is working.

Normally Cosco had Chinese Govt support, its a state company anyway.

okay, bad news?

Confirmed Orders increase order book, increase earnings and dividend payout

Confirmed Delivery means successful execution of job and also means reduction of order book, COSCO need to get more job if there are a lot of delivery.

Every order is like a project won and provide job for workers and profit for share holders and company.

epliew      ( Date: 10-Dec-2010 13:52) Posted: today friday, very few people bite this news. bsiong      ( Date: 10-Dec-2010 13:49) Posted: Cosco delivers bulk carrier Shinyo Ayush WRITTEN BY THE EDGE    FRIDAY, 10 DECEMBER 2010 13:07 Cosco Corporation (Singapore) has delivered a bulk carrier of 80,000 dwt Shinyo Ayush, measuring 229.04 meters, 32.27 meters in breadth and 20.25 meters in depth, to its European buyer.