COSCO cancels car carrier contracts

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Beijing: COSCO Corporation (Singapore) Limited has announced that its affiliate COSCO International Ship Trading Co., Ltd. has agreed with COSCO (Zhoushan) Shipyard Co., Ltd. on the cancellation of their contracts for two 5,000-unit pure car and truck carriers (PCTCs). The PCTCs are the third and fourth of the four newbuildings COSCO International Ship Trading ordered from COSCO (Zhoushan) in 2007 for delivery between 2009 and 2010. The contract price of each vessel was US$52.5 million. COSCO International Ship Trading has agreed to pay to COSCO (Zhoushan) a total of $10.3 million in compensation. The shipyard will continue work on the first two vessels to have them completed after December 2009 as planned.  [02/10/09]