Singapore-listed COSCO Corporation, the shipbuilding arm of the COSCO group, said on 16 June that its subsidiary COSCO Guangdong Shipyard has won an order to build a research vessel.
The contract, worth CNY129 million (USD20.8 million), is from an Asian buyer.
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The contract will become effective once COSCO Guangdong’s banks issue a letter of guarantee, which ensures the customer would get a refund should the order be cancelled.
The vessel is expected to be delivered in the fourth quarter of 2017.