COSCO Shipping shuts down another dormant business

China's COSCO secures $26bn financing pledge

COSCO Shipping International (Singapore) has decided to formally dismiss of Cos Lucky Shipping Maritime, one of the group’s dormant subsidiaries.

Namely, the company said that a resolution for the dissolution of Cos Lucky Shipping, a subsidiary incorporated in the Republic of Panama, was presented to the business registry of Panama and that the subsidiary has been dissolved.

The move was made follofing the scrapping of the vessel owned by Cos Lucky Shipping.

COSCO Shipping informed that the dissolution is not expected to have any material impact on the net tangible assets and earnings per share for the financial year ending December 31, 2017.

In mid May, the group opted to strike off and formally dismiss two of its dormant subsidiaries, Cos Fair Shipping and Cos Glory Shipping, both of which were shut down following the scrapping of their respective vessels.