COSCO announces four shipbuilding contracts become effective
The Board of Directors of COSCO Corporation (Singap ore) Limited announces that four shipbuilding contract s signed by COSCO (Zhoushan) Shipyard Co., Ltd ("Cosco Zhoushan") (a wholly-owne d subsidiary of the Company's 51% owned subsidiary, COSCO Shipyard Group Co., Ltd ) with a European ship owner for the construction of four 111,000dwt tankers hav e been made effective recently at a value of over US$180 million in total, said in the company's press release.
Delivery of the above four tankers are expected to commence from first half of 2015. In addition, the ship owner has an option to declar e up to another two contracts for the construction of the same tankers. The Company will make announcements as and when the shipbuilding contracts subject to such option a re declared effective. None of the directors or controlling shareholders o f the Company has any interest, direct or indirect in the contracts. As at the date hereof, the above four contracts tha t have been declared effective are not expected to have a material impact on the net tangi ble assets and earnings per share of the Company for the year ending 31 December 2013.
