COSCO orders five 14,500-TEU containerships

COSCO officials said the investment for new ships is needed to improve the competitiveness of its fleet.

   COSCO has ordered five new, 14,500-TEU container ships for $618 million from China Shipbuilding Trading and Changxing Shipbuilding.
   Delivery of the ships is scheduled for 2017 and to 2018.
   In a filing with the Hong Kong Stock Exchange, COSCO said it has ordered the ships “in order to upgrade the fleets of the container vessels of the group and improve the competitiveness of its shipping fleet as a whole.”