Cosco veers towards 37.4% surge in gains

5 Nov 2012 - Singapore Business Review
It also enjoys a fat order book. According to a company release, gross profit increased 37.4% from $83.8 million in Q3 2011 to $115.1 million in Q3 2012 mainly due to higher profit contributions from marine engineering projects. Other income comprised gain from the disposal of scrap metal, interest income, ...
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Cosco's financial risks escalate

5 Nov 2012 - Singapore Business Review
Net gearing ratio climbed to 64.8% in 3Q. The figure is up from 53.3% and is expected to climb further as the payment schedules for the recent contracts are now more back-loaded. OCBC however said financial risks are manageable. Here's from OCBC: 3Q results within expectations COSCO Corp (Singapore) ...
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Rough seas ahead for Cosco

5 Nov 2012 - Singapore Business Review
The US$5.7b orderbook is feared to sink. According to a company statement, as at 30 September 2012, the Group's order book stood at US$5.7 billion with progressive deliveries up to 2014. This order book is subject to revision from any new or cancellation of orders that may arise. New orders received ...
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Cosco's CFO resigns

2 Oct 2012 - Singapore Business Review
Reason for resigning not stated. Cosco Corp. announced today the resignation of Mr Ye Bin Lin as Chief Financial Officer of the Company with effect from 2 October 2012. Subsequent to his resignation, he will also cease to be the alternate director to Mr Ma Zhi Hong and a member of the Enterprise Risk ...
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Order cancellations could torpedo Cosco: Maybank

14 Sep 2012 - Singapore Business Review
Competing shipbuilder Yangzijian has suffered eight carrier cancellations, and Cosco's equally vulnerable. Here's more from Maybank Kim Eng: With persistent weak outlook in the shipbuilding market, Cosco’s richer valuation relative to peers is simply unjustified. Why should a yard faced with tough domestic ...
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This is what's in store for Cosco in latest semi-sub venture

12 Sep 2012 - Singapore Business Review
The US$200m contract includes options for additional two units. According to Nomura, Cosco Corp has signed a contract valued at over US$200mn to construct a harsh environment semi-sub accommodation vessel for Axis Offshore. Here's more from Nomura: The vessel will be built to Global Maritime’s GM500A ...
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Why it's not smart to invest in Cosco yet

11 Sep 2012 - Singapore Business Review
The US$1.4bn worth of offshore contracts YTD aren't sufficient to erase skepticism. Cosco Qidong has secured a US$200m harsh-environment semi-sub accommodation rig for delivery in 2Q15. The contract was awarded by a joint venture between Danish shipowner, J. Lauritzen and a Norwegian private equity fund, ...
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Check out Cosco's pricing strategy against Keppel

29 Aug 2012 - Singapore Business Review
Cosco's recent US$170mn contract was 19% cheaper than the price which Keppel secured for a similar design. Here's more from Nomura: Cosco recently announced that it secured a US$170mn contract from Talland Navigation Limited Corporation, a subsidiary of Foresight Limited (London). The contract is for ...
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Cosco scores another $170M drilling rig contract

14 Aug 2012 - Singapore Business Review
Dalian shipyard will build the rig for a Foreign Limited (London) subsidiary. The Rig is scheduled to be delivered in the first quarter of 2015, Cosco Corporation advised in a release. COSCO (Dalian) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., ...
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Cosco's urgent need to refill its order book intensifies

14 Aug 2012 - Singapore Business Review
The company will exhaust the delivery of the 39 bulk carriers by June 2013. Here's more from CIMB: Cosco Dalian has secured a US$170m jack-up rig contract from Talland Navigation, a subsidiary of London shipping conglomerateForesight Limited. The rig will be built based on the LeTourneau Super 116E Class ...
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