Cosco Shipping to exercise options for two heavy lift newbuildings

By Finance

Cosco Shipping Limited (Coscol) has decided to exercise its options regarding two 28,000 DWT heavy lift vessels at Shanghai Hudong-Zhonghua Shipbuilding.

Da kang

Photo: Krijn Hamelink 

The newbuildings have been scheduled for delivery for the months of April and August in 2018.

The options come as additions to the four 28,000 DWT heavy lift vessels that were already confirmed by Coscol at Hudong-Zhonghua and Shanghai Shipyard back in January this year. Each one of them comes along at a price of RMB290m ($46.4m).

Back in January, Coscol managed to raise RMB2.5bn via a private placement so as to provide funding for the newbuildings along with paying off debts and boosting working capital.