China COSCO Holdings Co. plans to order nine new cargo ships in its first major purchase in over five years, the Wall Street Journal reported Monday, citing a company statement. It said it has agreed to buy four dry-bulk ships of 64,000 deadweight tons each for a total of US$108 million, the report said. The orders come after Beijing unveiled a subsidy program this month to encourage the nation’s ship operators to replace older cargo ships and tankers with new ones. COSCO said it will order the vessels from CSSC Huangpu Wenchong Shipbuilding Co, a Chinese shipbuilder controlled by China State Shipbuilding Corp.
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