Cosco adopts cautious outlook as new orders dwindle

More shipowners will be sitting at the sidelines instead of purchasing new vessels from the marine engineering specialist.

“Our Group maintains a cautious outlook for 2012 as the state of global economy remains fragile," said Capt. Wu Zi Heng, COSCO Vice Chairman and President, after the release of the 2Q12 financial results.

"With excess capacity in the shipping industry and the uncertain global economic conditions, shipowners may be reluctant to place new orders for vessels and the Group may experience a decline in new orders in ship building.”

As at 30 June 2012, the Group’s order book stood at US$5.9 billion with progressive deliveries up to 2014. This order book is subject to revision from any new orders or cancellation or rescheduling of orders that may arise. New orders received in 1st half 2012 amounting to US$1.0 billion include 1 wind turbine installation vessel, 1 tender rig, 1 semi-submersible accommodation vessel, 2 pipelay heavylift offshore construction vessels, 2 tender barges, 3 bulk carriers and 4 platform supply vessels

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