Cosco Shipbuilding Unit to Delay Bulker Deliveries

Cosco Corporation (Singapore), the shipbuilding unit of China’s state-owned shipping line, announced on Friday that it has agreed to delay deliveries of eight dry bulk vessels at the request of two European ship owners. The Singapore-listed shipbuilding firm that owns shipyards in China will postpone deliveries of the bulk carriers until sometime between Jan. 3, 2011, and May 31, 2012, instead of between Sept. 30, 2010, and Aug. 31, 2011, as earlier planned.
The rescheduling is not expected to have any material impact on fiscal 2009 earnings, Cosco said in its statement to the Singapore Stock Exchange.