In a groundbreaking announcement on August 30th, COSCO Shipping Development has unveiled its largest shipbuilding and leasing deal since its transformation into a shipping finance operator in 2016. This historic agreement involves the construction and leasing of 42 bulk carriers, marking a significant milestone in the company's strategy to strengthen its position as an integrated shipping and logistics operator.
As part of this massive deal, COSCO SHIPPING Development, through its wholly-owned subsidiary Hainan COSCO SHIPPING Development Shipping Co., Ltd., has entrusted COSCO SHIPPING Heavy Industry and Chengxi Shipyard with the construction of these vessels. The deal includes 20 bulk carriers with COSCO SHIPPING Heavy Industry and 22 with Chengxi Shipyard. The total order value exceeds a staggering RMB 14.36 billion, significantly boosting the company's fleet of over 140 vessels across various segments, including container ships, bulk carriers, and multipurpose pulp ships.
The 20 vessels being constructed by COSCO SHIPPING Heavy Industry include 2 ships of 82,000 DWT, 13 ships of 80,000 DWT, and 5 ships of 64,000 DWT, with a total contract value of RMB 5.832 billion. Additionally, the 22 vessels with Chengxi Shipyard, all of 80,000 DWT, come with a contract value of RMB 6.872 billion.
Scheduled for delivery between 2026 and 2027, these state-of-the-art, environmentally friendly bulk carriers will be leased to COSCO SHIPPING BULK, further supporting the company's long-term leasing business. This deal not only reinforces COSCO SHIPPING Development's financial stability but also aligns with the global trend towards greener and more sustainable shipping solutions.
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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