Hong Kong-listed China Cosco Holdings announced that the company has entered into shipbuilding agreements with China Shipbuilding & Offshore International and Tianjin Xingang Shipbuilding Heavy Industry as sellers for the construction of four 40,000dwt bulkers at a total price of USD 99.2m and four 180,000dwt bulkers at a total price of USD212.8m.Â
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Deliveries of the vessels are scheduled in 2015 and 2016.Â
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Cosco said the company will enjoy subsidies from the government for the new builds and the vessels will optimise the company’s bulker fleet.Â
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Cosco, which has struggled financially in the last few years, has kicked off a new building spree having held off ordering ships for two years. More ships are expected to be ordered soon.Â