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OOCL to spend US$778m on five 23,000 TEU box ships at Cosco yards

HONG Kong's Orient Overseas Container Line (OOCL), a unit of Cosco, has inked shipbuilding contracts worth a total of US$778

11 March 2020 - 19:00

HONG Kong's Orient Overseas Container Line (OOCL), a unit of Cosco, has inked shipbuilding contracts worth a total of US$778.4 million with two Cosco yards for the construction of a total of five 23,000 TEU mega containerships.

Three vessels will be built at Nantong Cosco KHI Ship Engineering (NACKS) and two at Dalian Cosco KHI Ship Engineering (DACKS), reports Singapore's Splash 247.



OOIL, the parent of OOCL, expects to cover about 60 per cent of the contract price through bank financing with the balance to be funded from internal resources.



'The size of the vessels together with the current vessels of smaller size would complete the fleet size of the group and would bring economy of scale to the group. The deployment of vessels will be able to strengthen the market position of the group and enhance the cost competitiveness of the group,' OOIL said in a release.



OOCL has plans to grow its fleet by nearly 50 per cent to ensure it crosses the 1 million TEU mark. The company's current fleet hovers at around 700,000 TEU.



The five new vessels are scheduled to be delivered between the first quarter and the fourth quarter of 2023.


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