COSCO secures contracts worth S$1.1 billion

Major ship repair, marine engineering and shipping group COSCO Corporation (Singapore) has inked several contracts worth a total of US$708 million (S$1.1 billion) from its customers in the US, Taiwan and India, reported the Business Times.

These contracts include 16 bulk carriers newbuildings; four jobs to convert product tankers to general cargo carriers; one very large ore carrier (VLOC) conversion; a floating, production, storage and offloading (FPSO) conversion; and two single to double-hull conversions, the paper said.

The contracts are targeted for progressive deliveries in 2009 and 2010.

Vice chairman and president of the company Ji Hai Shang said the company has identified the Middle East as a market with tremendous potential, and are planning to make inroads into the market.