China’s COSCO Shipping Company Limited (COSCOL) inked a newbuilding contract for four 36,000 dwt multiple-purpose (MPP) vessels with Nantong COSCO KHI Ship Engineering (NACKS) on August 12 through its wholly-owned subsidiary COSCO Shipping (Hong Kong).
The four newbuilds are said to be costing $33.66m apiece, or $134.64m in total, and the payment is divided into five times per ship. The first down payment is expected to correspond to 10% of total.
That is, 10% is to be paid upon contract, 10% upon steel-cutting, 10% upon keel-laying, 10% upon launching and 60% upon delivery. Deliveries are due in 2015 for two and 2016 for another two units.
This contract was signed after COSCOL had announced through a regulatory filing on August 9 that an agenda was passed unanimously at a shareholder's meeting for COSCO Shipping to order four 36,000 dwt MPPs at NACKS.