The world’s biggest dry bulk ship operator, China’s Cosco, has executed a sudden volte face in its high-profile dispute with shipowners, resuming payments on high-priced vessel leases on which it had previously reneged.
The shipping group operates about 400 vessels, 200 of which are chartered from other owners. It changed its stance, according to people involved in shipping markets, after ship charterers started severing links with Cosco, because of the risk of default.
A number of the owners involved were also threatening to seize large numbers of Cosco’s vessels in the dispute, which had already seen three of the state-controlled company’s ships put under the control of a local court during a port call.
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