The Board of Directors of COSCO Corporation (Singapore) Limited has announced that shipyards, which are subsidiaries of the Company’s 51% owned subsidiary COSCO Shipyard Group Ltd, have secured contracts valued at approximately $300 million to build one accommodation barge and seven bulk carriers.
COSCO (Zhoushan) Shipyard Co., Ltd secured contracts from a European company to build one DP3 accommodation barge scheduled for delivery in 3Q2016 and an Asian company for two (2) 64,000DWT bulk carriers scheduled for delivery in 1H2016.
Additionally, the contract under the second option cited in the announcement dated 12 September 2013 to build one 64,000DWT dry bulk carrier for a European company has been rendered effective. The bulk carrier is scheduled for delivery in 2Q2017.
COSCO (Dalian) Shipyard Co., Ltd has won contracts from an Asian company to build two 82,000DWT bulk carriers scheduled for delivery in 4Q2015 and 1Q2016 respectively, and a European company to build two 82,000DWT bulk carriers scheduled for delivery in 2Q2016 and 3Q2016 respectively.
Barring any unforeseen circumstances, the above contracts 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 2014.