The Board of Directors of COSCO Corporation (Singapore) Limited (the Company) wishes to announce that COSCO (Dalian) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts valued over USD110 million to build three (3) bulk carriers of 82,000 dwt each. The contracts are effective following receipt of the initial deposits from the European ship owner and Chinese ship owner.
The bulk carriers which will be built at COSCO (Dalian) shipyards are scheduled for deliveries in September 2012 and January 2013 respectively.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.
The contracts are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December 2010.
Source: Press Release
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