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COSCO Corporation (Singapore) Limited
SHIP REPAIR, SHIP BUILDING
AND MARINE ENGINEERING
Operations and Financial Review
Overview
A leading marine conglomerate, COSCO Corporation
(COSCO) offers capabilities in ship repair, ship building
andmarine engineering supported by sixmajor shipyards
strategically located along China’s coastline. Owned
by COSCO Shipyard Group, a subsidiary of COSCO
Corporation, these six modern shipyards are located
from Guangdong in the south to Zhoushan, Shanghai,
Nantong, Qidong along the central coast, to Dalian in the
north. Together, these assets and capabilities position
COSCO to meet the evolving challenges of the global
marine industry.
In a year characterised by weak business and economic
conditions, COSCO focused on producing quality
projects and expanding its manufacturing knowledge
base. This is in keeping with our long-term strategy of
upgrading our skills and broadening our engineering
experience.
In 2014, we delivered projects to international clients
comprising 8 bulk carriers, 2 livestock carriers, 2 pipelay
heavy lift vessels, 2 self-erecting drilling tender barges,
1 tender rig, 1 wind turbine installation vessel, 1 float-
over launch barge, 1 jack-up rig, 1 stinger barge and 1
offshore platform supply vessel. This diverse portfolio
is a testimony to our Group’s efforts in growing an
enlarged customer base and strengthening our technical
capabilities, particularly in the marine engineering sector.
We were an early mover into this highly-competitive
sector, delivering many newbuilds and securing
numerous contracts over the years. Shipyard operations
continued to be the main business driver for COSCO,
comprising 98.8% of Group revenue over the year.
Ship Building
In 2014, COSCO delivered 8 bulk carriers of various
tonnages and 2 livestock carriers. COSCO’s competence
in building livestock carriers was reinforced by the
delivery of ‘Girolando Express’ and ‘Gelbray Express’
to a European client, following the successful delivery
of two livestock carriers in 2013. These livestock
carriers are “next generation” livestock vessels with a
loading capacity of approximately 4,500 square metres
and a cruising range of around 18,000 nautical miles.
They are fitted with animal-welfare facilities meeting
Australian Maritime Safety Authority (AMSA) regulatory
requirements and incorporating a bow design that will
