China COSCO Shipping Corp. is extending its container fleet as the company expands its sea routes.
The group, through its subsidiary China COSCO Shipping Holding Co Ltd., plans to buy six mega container ships from Shanghai Waigaoqiao Shipbuilding Co Ltd. Another eight container vessels will be purchased from Shanghai Jiangnan Shipyard (Group) Co. Ltd. The two deals will be worth about $1.78 billion.
Deliver dates for the 14 container ships have been penciled in for the next two years, and they will raise the group's operational TEU, or twenty-foot equivalent units, capacity to more than 2 million by the end of 2018.
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