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Cosco set for ship purchase wave

Updated: 2013-12-13 17:19

China Cosco Holdings Co, the country's biggest shipping company, is planning to place more vessel orders in the first half of 2014, the company's first large-order purchase in five years.

China Cosco expects to benefit from China's new move to offer financial assistance for shipping companies to stop using aging bulk vessels and upgrade their fleet, but didn't disclose how many ships the company is going to order, the Wall Street Journal reported on Wednesday.

Even though the company has suffered heavy financial losses in the past two years, it holds 48.4 billion yuan ($7.92 billion) after selling its logistics business, stakes in a container manufacturer and office properties so far this year, according to Cosco's financial report.

The Chinese shipping giant is in talks with a number of shipyards to build new bulk vessels.