Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Shipping Container Lines Co Ltd    601866   CNE1000008F2

End-of-day quote. End-of-day quote  - 06/24
3.89 CNY   -2.26%
06/13 CHINA SHIPPING : Former CSCL president appointed Coscocs North Amer..
06/08 CHINA SHIPPING : CSCL plans to issue notes & financing bills
06/03 CHINA SHIPPING : COSCO Shipping Financial Holdings Inaugurated in H..
News SummaryMost relevantAll newsSector news 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
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

share with twitter share with LinkedIn share with facebook
share via e-mail
React to this article
06/13 CHINA SHIPPING CONTAINER LINES : Former CSCL president appointed Coscocs North A..
06/08 CHINA SHIPPING CONTAINER LINES : CSCL plans to issue notes & financing bills
06/03 CHINA SHIPPING CONTAINER LINES : COSCO Shipping Financial Holdings Inaugurated i..
05/20 CHINA SHIPPING CONTAINER LINES : Buys 147mn Shares in Kingray
05/05 COSCO & China Shipping restructuring completed
04/12 WARTSILA ABP : Wins Order from China Shipping Container Lines
03/31 CHINA SHIPPING CONTAINER LINES : 2015 Incurred CNY2.9bn Losses
02/09DJCHINA SHIPPING CONTAINER LINES : Container Ship Indian Ocean Tugged From Mud in ..
02/04 CHINA SHIPPING CONTAINER LINES : COSCO-China Shipping merger passes anti-trust e..
News chart
Full-screen chart
Income Statement Evolution
More Financials