China Cosco Holdings Co. is set to order at least 10 container megaships, the Wall Street Journal reports.
Triple-E vessels, which can move 19,000 containers each, will be ordered from a Chinese yard and cost around US$1.4 billion in total.
When fully loaded, Triple-E’s can cut the cost of moving a container across the oceans by around 25% in an industry that carries about 95% of the world’s manufactured goods. The ships are intended to be deployed in the Asia-to-Europe trade loop. Sources said that Cosco had so far been reluctant to follow bigger competitors—including the Maersk Line unit of Denmark’s A.P. Møller-Mærsk A/S, and Swiss-based Mediterranean Shipping Co.—that already have a number of such behemoths in their fleet.
Japanese shipping company Mitsui O.S.K. Lines, Ltd. has ordered six 20, 000 TEU containerships whereas the French liner company CMA CGM has ordered three 20,600 TEU boxships at Hanjin Heavy Industries.
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