Cosco to order dozens of new ships: Sources

China Cosco (1919.HKG, 601919.SHA) is considering making its first major vessel purchases in over five years by ordering dozens of new cargo ships in the first half of 2014, The Wall Street Journal reported,  citing unamed sources. Cosco has been struggling from too much capacity. It lost US$1.57 billion (RMB9.56 billion)  in 2012 and racked up losses of US$334 billion over the first three quarters of 2013. Cosco hopes to take advantage of the new cash subsidies for vessel scrapping the Chinese government unveiled on Monday in order to reduce fuel and other operating costs with new ships.