Cosco Dalian to cancel construction of one bulk carrier, build two oil tankers

COSCO Corporation (Singapore) on Thursday said Cosco (Dalian) Shipyard has agreed to cancel one unit of 82,000-dwt bulk carrier that was originally scheduled for delivery in the third quarter of 2016, following a request from the shipowner.

Cosco Dalian is a subsidiary of the company's 51 per cent-owned subsidiary, Cosco Shipyard Group.

In a filing to the stock exchange, the company said it was originally contracted to build two units of 82,000-dwt bulk carriers, for a European company.

The other unit of 82,000-dwt bulk carrier is expected to be delivered in Q2 next year and will continue to be built at Cosco Dalian's shipyard.

The company also announced that Cosco Dalian and the shipowner have entered into a new contract to build two units of 113,000-dwt oil tankers.

The oil tankers are scheduled for delivery in Q4 2017 and Q1 2018.

The parties have agreed to keep the contract price confidential.