Shipping operator China Cosco has earmarked US$3.2 billion for capital spending between 2010 and 2013 to pay for new ships it ordered earlier, amid a rebound in the global shipping market, reported Dow Jones Newswires.

        China Cosco, the listed flagship of state-owned China Ocean Shipping (Group) Co, said it plans to take delivery of 43 container ships with a total capacity of 345,000 TEUs, as well as 22 dry bulk vessels with a total capacity of 3.42 million deadweight tonnes. The company said it has no plans to make new ship orders this year.