On 20 March China Ocean Shipping (COSCO) announced that it had ordered eight new bulk carriers via its investment company Prosperity Investment 2011 Ltd. The order comprises four 40,000dwt ships and four 180,000dwt Capesize vessels which work out at aggregate prices of US$99.2 million and US$212.8 million respectively.

The ships will be built at Tianjin Xingang Shipbuilding Heavy Industry, a member of the China Shipbuilding Corporation (CSIC). COSCO stated that the reason for the order is to upgrade bulk carriers in the Group and improve the competitiveness of its fleet as a whole. Deliveries of the new vessels are expected to be made in 2015 and 2016. RC

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