The 24,188 TEU capacity OOCL Spain pictured at the Nantong COSCO KHI Ship Engineering (NACKS) shipyard in Nantong, China. Photo courtesy OOCL
Orient Overseas (International) Limited (OOCL) has signed contracts for the construction of fourteen new containerships equipped with methanol dual-fuel engines, marking a significant step in the company’s fleet expansion.
The deal, announced today, is valued at $3.08 billion, with each vessel costing $220 million. The vessels will be built by Nantong and Dalian shipyards, both connected to COSCO Shipping.
Orient Overseas Container Line (OOCL), one of the world’s largest container shipping companies??, is part of Orient Overseas (International) Limited, which is itself majority owned by COSCO Shipping.
Delivery of the vessels is scheduled between the third quarter of 2028 and the third quarter of 2029. The new vessels will feature green fuel technologies, specifically methanol dual-fuel engines, supporting the company’s environmental initiatives and responding to growing customer demand for zero-carbon supply chain solutions.
This order follows OOCL’s previous commitment to fleet modernization, as the company has already contracted twenty-nine containerships with the same builders since 2020, including seven 24,000 TEU class methanol dual-fuel vessels ordered in 2022.
The exact size of the new vessels is not directly specified in the announcement.
The company plans to finance up to 60% of the contract price through external debt financing and bank loans, with the remaining balance funded from internal resources. The transaction requires approval from independent shareholders and COSCO SHIPPING Holdings.
“This investment aligns with our long-term strategy to steadily increase fleet capacity and achieve balanced growth,” the company said in its announcement, adding that “the vessels are versatile and suitable for a wide range of trade routes and terminals.”
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