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Cosco capacity to rise 6% by 2011

Cosco capacity to rise 6% by 2011

Cosco Shipping Co., a unit of China's biggest shipping company, will increase its capacity by 6 percent in 2011 to benefit from domestic demand to transport raw materials and commodities.
Shipping capacity will rise to about 1.7 million deadweight tons from 1.6 million tons, Chief Operating Officer Guo Jing said in an interview in Guangzhou, China, today.
Cosco Shipping and other lines have benefited from higher fees bolstered by China's demand for oil, iron ore, coal and other raw materials. The Baltic Dry Index, a gauge of commodity shipping costs, rose 10 percent in the first half of this year.
"It is hard to predict the dry bulk rate in the coming years," Guo said. "Rates for shipping offshore drill rigs will remain flat."
Cosco Shipping, a unit of China Ocean Shipping (Group) Co., will add 20 vessels to its fleet and dispose of some by 2011, Guo said. The Guangzhou-based company currently has about 100 vessels, he said.


Updated : 2021-05-07 19:29 GMT+08:00