Stock Photo: aquatarkus / Shutterstock.com
COSCO SHIPPING Development, a subsidiary of China state-owned COSCO Group, has announced a landmark agreement for the investment, construction, and leasing of 42 bulk carriers, marking its largest shipbuilding and leasing transaction since 2016.
The strategic move significantly expands the company’s fleet and reinforces its position in the shipping and financial services sector.
The deal, valued at over US $2 billion (14.3 billion RMB), involves two major shipyards. COSCO SHIPPING Heavy Industry’s subsidiaries will construct 20 vessels, while CSSC Chengxi Shipyard will build the remaining 22.
The new fleet will comprise a mix of 64,000-DWT, 82,000-DWT, and 80,000-DWT vessels, scheduled for delivery in 2026 and 2027.
“This transaction will notably expand the company’s ship asset scale and solidify the foundation of its industry and finance integration efforts,” a company spokesperson stated.
COSCO SHIPPING Development, which currently operates a diverse fleet of over 140 vessels including containerships and multi-purpose pulp carriers, will lease the new bulk carriers long-term to COSCO SHIPPING Bulk.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,835 members that receive our newsletter.
Have a news tip? Let us know.
The EU’s 15th sanctions package against Russia for the first time targets Yamal LNG by including a carrier in service of the project. The ice-capable tanker Christophe de Margerie, one...
Twelve European countries are set to clamp down on tankers that move millions of barrels of Russian petroleum around the world — by asking to see how they’re protected against oil spills and other high-cost claims.
The European Union has unveiled its 15th package of restrictive measures, specifically targeting Putin’s shadow fleet and maritime circumvention efforts. The latest sanctions package introduces port access bans and service...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 109,835 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
