Cosco Guangdong Shipyard bags deal for trio of container vessels

THE Guangdong-based unit of Cosco Corporation's majority owned shipyard subsidiary has won a contract for three container vessels.

Cosco (Guangdong) Shipyard Co has entered into a contract with a European buyer for three 1,750 TEU (20-foot equivalent unit) container vessels, Cosco Corp said in a Singapore Exchange filing.

Cosco (Guangdong) Shipyard Co is a subsidiary of Cosco Shipyard Group Co, a 51 per cent subsidiary of Cosco Corp.

The container vessels are scheduled for delivery in Q2 2019 and Q3 2019 respectively.

Cosco Guangdong and the European buyer have agreed to keep the contract prices confidential.

The transactions are not expected to have a material impact on the net tangible assets and earnings per share of Cosco Corp for the year ending Dec 31, 2016.