March 17 - Unconfirmed reports in the international financial media indicate that Cosco Shipping Co., controlled by China's biggest shipping company, plans to raise almost YUAN4 billion (USD586 million) in a rights offer to buy new vessels amid a recovery

The reports suggest that the shipping line will use the funds to help pay for 18 multipurpose and heavy-lift vessels and two semi-submersibles.

China Shipping Group Co and Pacific Basin Shipping Ltd have also announced plans to buy ships this year as trade and shipping rates recover from the global recession.