Cosco: Co. have seen some Share Buy Back, with Senior officer Mr Dong, the managing director of COSCO (Zhoushan) Shipyard Group Co, a subsidiary of the Co. buying 60,000 Cosco shares at 99.5c/share, bringing his current shareholding to 360,000 shares, representing a 0.016% stake in the Co.
Meanwhile in separate news, Baltic Exchange, said some members has raised concerns over allegations that China Cosco Holdings (Cosco’s sister Co.) failed to make charter payments for vessels it hired. Concerns will be reviewed by the membership committee when it meets in the next. Any behavior deemed unethical can lead to membership being suspended or canceled.
China Cosco had at least 3 ships arrested in past 2 mths as owners sought late charter payments, according to legal filings in the US and SG. In each case China Cosco was locked into long-term contracts at rates higher than market prices.
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