Report: Cosco Corp. to Sell Bulk Carriers

Cosco Corp (Singapore) reportedly will sell its fleet of 12 bulk carriers, according to a Reuters report.

The company is also mulling establishing bases in Vietnam and other Asian countries outside China.

Cosco, majority-owned by China Ocean Shipping (Group) Co, is focusing its resources on three main business lines: ship repair, new ship building and marine engineering, which includes the construction of oil rigs.

Since last year, Cosco has won a series of orders for conversion and construction of offshore oil and gas drilling rigs and vessels.

The firm has said it will bolster its ship repair capacity by expanding its Zhoushan shipyard with three new berths and three dry docks totaling 1 million deadweight tonnes docking capacity, for completion by 2010.