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China COSCO says cuts 2009 capex by 29 pct

Thu Apr 23, 2009 2:34am EDT

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HONG KONG, April 23 (Reuters) - China COSCO (1919.HK) (601919.SS) said on Thursday it would cut capital spending by 29 percent in 2008 and was in talks to delay or cancel some new ship orders, after posting a worse-than-expected second half loss.

The world's largest dry bulk ship operator said it had earmarked 14.4 billion yuan ($2.11 billion) for capital expenditure in 2008 against 20.3 billion a year earlier.

Capital commitment for vessels was at 32.03 billion yuan as the end of 2008, of which container ships accounted for 17.4 billion yuan and dry bulk vessels 14.6 billion yuan, it said in results presentations.

China COSCO said it was in talks with shipyards to delay the delivery of or cancel some new dry bulk vessel orders due to negative market conditions. (Reporting by Joanne Chiu; Editing by Jonathan Hopfner)



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