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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  COSCO SHIPPING Development Co Ltd    601866   CNE1000008F2

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China Shipping Container Lines to Order 5 Triple-E Mega Container Ships

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04/29/2013 | 02:01pm CEST

By Costas Paris

China Shipping Container Lines (>> China Shipping Container Lines Co Ltd) plans to order five triple-E container ships, becoming the second operator after market leader A.P. Moller-Maesk A/S (MAERSK-A.KO) to add the huge new fuel-efficient vessels to its fleet.

In a statement to the Shanghai stock exchange Saturday, CSCL said it needs the new ships to "raise its core competitiveness." The ships, the biggest of their kind, can carry up to 18,000 containers. The company said it will give further details after it has finalized the order.

Each triple-E ship is expected to cost around $140 million for a combined sum of $700 million, with the final order likely to be announced next month and expected to go to shipyards in South Korea, according to a person with direct knowledge of the matter.

Hyundai Heavy Industries (>> Hyundai Heavy Industries Co., Ltd.), Samsung Heavy Industries (>> Samsung Heavy Industries Co.,Ltd) and Daewoo Shipbuilding & Marine Engineering (>> Daewoo Shipbuilding & Marine Engineering) have submitted bids for the order, the person said.

Daewoo Shipbuilding built the triple-E class vessels for Maesk Line, the wholly-owned container-shipping unit of the Danish conglomerate. Maersk Line has ordered 20 triple-E ships, with the first due for delivery in the middle of this year.

CSCL, China's biggest contained shipper by capacity, is a unit of China's state-run China Shipping (Group) Co. CSCL reported a net loss of 688.9 million yuan ($111.7 million) in the three months to March 31, down from CNY1.45 billion in the same period last year.

(Jeffrey Ng in Hong Kong contributed to this article.)

Write to Costas Paris at costas.paris@dowjones.com

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Financials ( CNY)
Sales 2016 15 962 M
EBIT 2016 1 039 M
Net income 2016 -765 M
Debt 2016 66 138 M
Yield 2016 -
P/E ratio 2016 275,33
P/E ratio 2017 133,23
EV / Sales 2016 6,56x
EV / Sales 2017 7,67x
Capitalization 38 611 M
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Mean consensus UNDERPERFORM
Number of Analysts 3
Average target price 1,58  CNY
Spread / Average Target -62%
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NameTitle
Da Xiong Wang Chief Executive Officer & Executive Director
Chong Liu General Manager & Executive Director
Hong Jun Ye Chairman-Supervisory Board
Yue Ying Sun Executive Chairman
Hui Xu Executive Director & Deputy General Manager
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Sector and Competitors
1st jan.Capitalization (M$)
COSCO SHIPPING DEVELOP..1.23%5 612
AP MOELLER MAERSK A/S2.04%34 268
BOLLORÉ5.64%11 119
COSCO SHIPPING HOLDING..14.12%7 810
MITSUI OSK LINES LTD10.19%3 867
COSCO SHIPPING ENERGY ..8.08%3 708
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