Cosco cancels US$300m order
Published: Jul 16, 2009
China - Cosco have cancelled nearly US$300 million worth of bulk carrier newbuildings ordered at their shipyards in China.
Two subsidiaries of China Cosco Holdings, Qingdao Ocean Shipping and Cosco Hong Kong shipping have cancelled eight 57,000 dwt supramax bulker newbuildings ordered at Cosco Zhoushan Shipyard. The orders have a combined worth of US$298.7 million.
In a filing with the Singapore Exchange, Cosco also said it has agreed with the two subsidiaries to delay delivery dates of three vessels to between August 15 and October 31, from their original delivery date of between June 20 2008 and December 10 2008.
Cosco said it will refund instalments already paid under the contracts for the cancelled ship orders.
The company does not expect the cancellations to have a significant impact on its net tangible assets and earnings per share for the year ending December 31.
Managing people? For HR and leadership strategy, Human Resources has it covered.
Get your marketing department up to speed with Asia's most read marketing site
Cosco Related Stories:
- COSCO secures contracts worth S$1.1 billion
- Cosco chairman steps down
- Cosco VP’s retirement shocks industry
- Cosco backpedals
- Four shipping companies awarded US$850,000
- Cosco to cancel or delay orders
- Container throughput continue to dip
- Evergreen and COSCO combine services
- Shipping lines increase rates
- Shipping lines mull rate increase
- Cosco to purchase vessels
- Cosco could face US$1m fine
- Cosco reports loss in 2009
- Cosco sees leap in Q1 net profit
- Cosco secures US$100m deals
- Cosco pens 11 contracts
- China Cosco back in black
- Containers double for Cosco
- COSCO ship seized for no payment