Cosco Container Lines has announced a billion dollar order for eight new super-post-panamax vessels.
The eight 13,350teu vessels came at a price of US$1.3bn, of which 20% will be funded by internal resources and 80% by bank borrowings.
Five of the ships will be delivered in 2012 and three in 2013.
In a statement, Cosco Container Lines' parent company China Cosco Holdings said that the order of the vessels would fulfil the group's development strategy.
"The transactions are very attractive taking into account the contract prices achieved and the early delivery of the vessels, as compared with the availability of similar construction of vessels contracts from shipyards elsewhere," it said.
"China Cosco will continue to expand and upgrade the fleet's shipping capacity and structure in order to strengthen our competitiveness, efficiency and profitability, shaping a leading integrated shipping conglomerate in the world."
Source: 
(by Damian Brett)
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