July 11, 2007
COSCO to convert VLCC's to ore carriers
China's COSCO Shipyard Group has secured VLCC (Very Large Crude Carrier) to VLOC (Very Large Ore Carrier) conversion contracts involving ten ships.
It has also won an order for eight 57,000 dwt bulk carriers.
Together, the conversions and the bulker contracts are worth $563 million of which $250 million is for the conversions and $313 million for the newbuilds. The orders have been placed by what COSCO describes as "several international customers."
The projects will be carried out at COSCO's Zhoushan, Dalian and Nantong shipyards.
Each VLCC conversion is expected to take approximately 160-180 days to complete and progressive deliveries are expected by the third quarter of next year.
The eight bulk carriers are targeted for progressive deliveries from May 2009 to March 2010.