COSCO ORDERS 7,455-TEU BEHEMOTHS

COSCO ORDERS 7,455-TEU BEHEMOTHS    COSCO Container Lines has joined the race to operate very large containerships of more than 7,000-TEU capacity, by signing a contract to charter five new 7,455-TEU vessels capacity.
   The Chinese state-owned carrier will utilize the ships when they are delivered to German charter owner E. R. Schiffahrt in the second half of 2004.
   The vessels will be among the largest boxships in the world. The biggest containerships operated by COSCO today have a capacity of 5,446 TEUs.
   The Chinese carrier has agreed to a time charter agreement concerning the five ships, which will be financed by Nordcapital. The vessels will be built by the Hyundai Heavy Industries shipyard in Korea.
   COSCO said that the ships will be used to replace older tonnage.