The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) announced earlier today that COSCO (Zhoushan) Shipyard Co., Ltd (COSCO Zhoushan), a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract with CMA CGM to build four (4) 3,300 TEU container vessels.
COSCO (Zhoushan) Shipyard
The parties have agreed to keep the contract price confidential. The container vessels are scheduled for delivery between 31st March 2018 and 31st August 2018.
Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.
Barring any unforeseen circumstances, the above transactions are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2016.