Cosco Shipping shuts two subsidiaries

Cosco shipping

By Jite Eriabie 

Cosco Shipping International (Singapore) has applied to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) to remove its two subsidiaries Cos Orchid Shipping and Cos Prosperity Shipping from the register.

The above striking off has been pursued after Cos Orchid Shipping and Cos Prosperity Shipping had transferred the vessels owned by them.

The two companies owned the 2004-built Cos Orchid and 2006-built Cos Prosperity bulk carriers.

“The striking off of Cos Orchid Shipping and Cos Prosperity Shipping are not expected to have any material impact on the net tangible assets and earnings per share of the company for the financial year ending 31 December 2017,” the company said.

The two companies join their predecessors Cos Fair Shipping, Cos Glory Shipping and Cos Lucky Shipping, also owners of bulk carriers that have been shut down earlier this year.  



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