China Cosco Holdings Co Ltd said on Wednesday it would sell two container ships to its parent for 425.7 million yuan (US $53.23 million), raising money to repay bank loans and for working capital.
The China's largest shipping conglomerate said in a statement one of the ships could carry the equivalent of 2,716 containers each 20 feet long, and the other could carry the equivalent of 2,761 such containers. China Cosco had said on Tuesday it planned to spend US $516.8 million to build eight container ships at a Chinese shipyard to meet demand and maintain competitiveness. Shares of the company rose about 8.8 percent in the two weeks to Tuesday, when they closed at HK$3.725.