Cosco to build 45 ships using Beijing scrap and build subsidy scheme


CHINA Cosco Holdings has outlined plans to built 45 new ships - 30 bulk carriers and five containerships - in a scheme linked to Beijing scrap-and-build subsidy programme announced in December.

Separately, the company will also finalise newbuilding deals for five 14,000-TEU, six 81,600 dwt bulk carriers and four 208,000 dwt bulk carriers, reported Lloyd's List, citing stock exchange filings.

"These will help us adjust our fleet and enhance competitiveness. They are larger, fuel-efficient and eco-friendly,?said China Cosco general manager Jiang Lijun.

The Beijing scrap and build scheme offers CYN1,500 (US$243) per gross ton for China-flagged ships scrapped in Chinese yards.

The company has said it would scrap 41 old ships totalling 2.5 million dead weight tons or 1.4 million gross tons this year.

Hong Kong and Shanghai-listed China Cosco has a fleet of 171 containerships totalling 793,978 TEU, compared to 187 vessels of 838,089 TEU a year ago.

It also has 273 bulkers at 25.1 million dead weight tons, representing a 13.6 per cent year-on-year decline. The company also has 80 chartered ships of 7.7 million dead weight tons, down 25.8 per cent from last year.

Source from : shippingazette