COSCO secures contract for 7 container vessels

COSCO (Zhoushan) Shipyard, a subsidiary of COSCO Corporation (Singapore)'s 51 per cent owned subsidiary COSCO Shipyard Group, has secured a contract with Maersk Line to build seven 3,600 TEU (twenty-foot equivalent) container vessels.

The container vessels are scheduled for delivery between Apr 2017 and Nov 2017. Maersk Line has an option to place order for an additional two container vessels within eight months.

COSCO Zhoushan and Maersk Line have agreed to keep the contract price confidential.

The contract is not expected to have any material impact on the net tangible assets and earnings per share of COSCO Corporation for the year ending Dec 31.