Cosco shares double in debut
27 June 2007
Shares in China Cosco Holdings almost doubled in their trading debut Tuesday, the Wall Street Journal reported. Shares ended at US$2.15, up 93% from their opening price. The company is the flagship unit of the state-owned China Ocean Shipping Group, which raised US$2 billion in a domestic share offering earlier this month. The company is also listed in Hong Kong where its shares had risen sharply in expectation of the Shanghai offering and fell 2.3% Tuesday to US$1.46. Cosco is looking to acquire dry-bulk ships from its parent to expand its business. If it acquires all of its parent's bulk vessels the company's fleet could triple. The Cosco Group operates 407 bulk-shipping vessels. At the end of 2006 China Cosco had 139 ships.