COSCO plans to order 66 ships

COSCO, China's leading shipping and logistics service provider, is going to use four domestic shipyards to build 66 ships. Zhang Fusheng, a COSCO spokesman said the cost was a record amount for the shipping giant although he did not give precise details.

The 66 ships - including container ships, bulk cargo ships, oil tanker and car carriers - will have a total deadweight tonnage of 5.14 million.

They will be built by four domestic firms, including China Shipbuilding Industry, COSCO Shipbuilding Industry and COSCO Shipyard Group (which keeps a lot of it in the family) and will be delivered between 2008 and 2010.

COSCO currently owns 740 ships, with a total capacity of 46 million DWT.