Cosco Corp bags new jobs worth US$150m

Cosco Corp's shipyard division has won contracts worth US$150 million to build an oil tanker and two cargo transfer vessels.

It clinched a contract from an Asian company to build a 22,000 deadweight tonne (DWT) product oil tanker that is scheduled for delivery in the fourth quarter of 2016 and from a European company to build two vessels.

The vessels are scheduled for delivery in the third quarter of 2017 and first quarter of 2018.

In a statement, the firm said the buyer has also secured options for four additional cargo transfer vessels.

The counter was last traded at 37.5 Singapore cents and has been suspended since August 11. The firm recently said trading in its shares will remain suspended given the uncertainty over a restructuring plan involving its parent company China Ocean Shipping (Group) Company.