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China COSCO Shipping Corporation (COSCO Shipping) is planning to build up to 120 new ships worth more than $4.5 billion, iMarine reports with reference to Trade Winds. Shipbuilding brokers stated that the number of ships to be ordered for each ship type had not yet been finalized.

However, they said COSCO Shipping was considering building 20 newcastlemax bulk carriers, 40 kamsarmax bulk carriers and 30 80,000 dwt multi-purpose pulp carriers as well as several VLOCs and bitumen tankers. The ships will then be ordered by subsidiaries of COSCO Shipping such as COSCO Shipping Bulk and COSCO SHIPPING Specialized Carriers, the broker said.

An industry source believes that some of the ships may be ordered by chartering companies or even other shipping companies and later leased by COSCO Shipping on a long-term basis.

Source : Portnews

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