SINGAPORE (May 17): Shares of Cosco Corp are up 4.7% to 33.5 cents after the shipbuilder delivers one vessel but announces a delay in the delivery of a drilling rig.
Cosco delivered a an oil tanker called “Front Leopard” to its European buyer but adds it has agreed to a request from its customer KS Drilling to delay the delivery of a drilling rig to December due to the current unfavourable market conditions.
Targeted for delivery on April 30 after an initial deferment, Cosco says both it and KS Drilling have agreed on the option to sell the vessel to a third party.
In comparison, the Straits Times Index is up 1.80%.