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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.
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