COSCO seals ship deals
Source: Bloomberg News |
August 27, 2011, Saturday
|
Print Edition
Print Edition
CHINA Cosco Holdings Co, the sea-cargo group that had ships seized in payment disputes, yesterday said it reached agreements with shipowners covering 18 vessels.
"The disputes have been appropriately handled," General Manager Zhang Liang said in Hong Kong yesterday. He declined to comment on the terms of the accords or on whether talks were under way about any other contracts.
The company also expects to avoid being suspended from the Baltic Exchange, Zhang said. The disputes centered on ships China Cosco, the nation's biggest shipping line, had hired on long-term deals before a plunge in rates. The collapse also caused the Tianjin-based company to slump to a first-half loss of 2.76 billion yuan (US$432 million).
China Cosco was operating 201 chartered commodity ships as of June 30, according to its earnings statement. That's 21 fewer than at the end of last year.
The shipping line was also operating 234 self-owned dry-bulk vessels at the end of June, along with 153 container vessels.
At least three China Cosco vessels were arrested in Singapore and the United States by shipowners seeking overdue payments.
"The disputes have been appropriately handled," General Manager Zhang Liang said in Hong Kong yesterday. He declined to comment on the terms of the accords or on whether talks were under way about any other contracts.
The company also expects to avoid being suspended from the Baltic Exchange, Zhang said. The disputes centered on ships China Cosco, the nation's biggest shipping line, had hired on long-term deals before a plunge in rates. The collapse also caused the Tianjin-based company to slump to a first-half loss of 2.76 billion yuan (US$432 million).
China Cosco was operating 201 chartered commodity ships as of June 30, according to its earnings statement. That's 21 fewer than at the end of last year.
The shipping line was also operating 234 self-owned dry-bulk vessels at the end of June, along with 153 container vessels.
At least three China Cosco vessels were arrested in Singapore and the United States by shipowners seeking overdue payments.
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