China’s Shipbuilding Moves Ahead
 
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China’s Shipbuilding Moves Ahead

      5/9/2005

China's shipbuilding industry has entered a new era with an arm of China Ocean Shipping Group (Cosco) preparing to spend up to US$520 million for the four biggest container vessels ever ordered in a China’s yard. Cosco Container Lines, which is expected to try to raise up to US$2 billion in a listing in Hong Kong later this year, has agreed to order four 10,000 TEU (20-foot equivalent unit) capacity box ships from Nantong Cosco KHI Ship Engineering near Shanghai, according to a local newspaper.

The deal is seen as a proof that the rush of foreign and domestic capital into the country's shipbuilding sector in the past five years is paying dividends. "It is very exciting. These are some of the biggest, if not the biggest, container ships ever built and the order is coming from a premier Chinese client," said Martin Rowe, a director for global ship broker Simpson, Spence and Young, adding that such an order would not have been considered five years ago. According to broker Clarkson, the global order book was a record 4.1 million TEU as of last month, or about 56% of the present fleet, up from 52% in March.


ET Net News (South China Morning Post)  


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