The latest disclosure concerns the same eight vessels announced in July, Xinde Marine News has confirmed. A separate plan to charter six ships would further expand the company’s heavy-lift capacity.

COSCO Shipping Specialized Carriers has changed the proposed builder of eight 60,000-dwt multipurpose heavy-lift vessels from CSSC Chengxi Shipyard to COSCO Shipping Heavy Industry’s Dalian yard.

In a disclosure dated September 30, the company said its Hong Kong investment subsidiary, or an affiliated company, plans to commission Dalian COSCO Shipping Heavy Industry to build the vessels for a total price of no more than RMB2.624 billion (excluding tax). Deliveries are expected between 2029 and 2030.

Xinde Marine News understands that these are the same eight ships COSCO Shipping Specialized Carriers proposed building at Chengxi in July. The two disclosures should therefore not be counted as orders for 16 vessels. The project has changed shipyards; the number of ships has not doubled.

On the same day, the company disclosed a separate plan to take six 60,000-dwt multipurpose heavy-lift vessels on long-term bareboat charter. Those ships are planned for construction at Huang Hai Shipbuilding.

Why the shipyard change matters

COSCO Shipping Specialized Carriers announced its original eight-ship plan on July 22. At the time, it named CSSC Chengxi as the proposed builder, set the same RMB2.624 billion price ceiling and expected deliveries from April 2029 to June 2030.

The Dalian proposal retains the vessel count, size and price ceiling. It also carries the same projected internal rate of return of approximately 6.64% and static payback period of 12.51 years.

The change of yard does, however, alter the approval process. The Chengxi arrangement was not a related-party transaction and did not require shareholder approval. Dalian COSCO Shipping Heavy Industry is controlled by COSCO Shipping Group, the listed company’s indirect controlling shareholder. The revised arrangement is therefore a related-party transaction.

COSCO Shipping Specialized Carriers’ board has approved the Dalian proposal, but shareholders must still vote on it, with related shareholders abstaining. The shipbuilding agreement with Dalian has not yet been signed and is expected to be executed after shareholder approval.

The company said it had held several rounds of discussions with multiple shipyards and assessed their construction capabilities, pricing and delivery schedules. It described Dalian’s commercial terms as competitive. Its disclosure did not set out the detailed sequence of events behind the move from Chengxi.

Building capacity for project cargo

The investment reflects COSCO Shipping Specialized Carriers’ view that it needs more multipurpose heavy-lift capacity to serve wind energy equipment, machinery and other project cargo. These shipments require more than deadweight capacity alone: cargo dimensions, lifting requirements, deck strength, stowage arrangements and delivery schedules can all determine whether a vessel is suitable.

The company has not yet disclosed the new ships’ detailed technical specifications, including their crane configuration. Their precise cargo capabilities will become clearer when those details are released.

The projected 6.64% internal rate of return and 12.51-year static payback period indicate a long-term fleet investment. Actual returns will depend on final construction costs, delivery performance and the cargo the vessels secure once in service.

Six more vessels through bareboat charter

The six vessels planned for construction at Huang Hai Shipbuilding form a separate capacity arrangement. COSCO Shipping Specialized Carriers plans to charter them through its Xiamen subsidiary for approximately 20 years. The lessors will be selected from CITIC Financial Leasing, ICBC Financial Leasing, CMB Financial Leasing and Zhejiang Zheshang Financial Leasing, subject to final contracts.

The indicative bareboat hire is approximately RMB61,000 per vessel per day, including tax. Once all six ships have been delivered, the company estimates annual hire payments of approximately RMB133.59 million.

Under a bareboat charter, COSCO Shipping Specialized Carriers would obtain the use of the ships and manage their operation while paying hire over time. The company says this approach can reduce the upfront funding required for fleet expansion. Together, the Dalian construction proposal and Huang Hai charter plan show how it intends to combine vessel investment with long-term leased capacity.

A different fleet for a different cargo mix

The latest plans follow a longer shift in COSCO Shipping Specialized Carriers’ fleet strategy. The company has previously moved to dispose of some lower-earning vessels while investing in ships better suited to its target markets. Its stated business priorities include renewable energy, advanced manufacturing exports and project logistics.

That makes the distinction between retiring older multipurpose tonnage and ordering new heavy-lift vessels essential. The company is changing the capabilities of its fleet to match the cargo it expects to carry, while seeking to connect ocean transport with a wider logistics service.

For now, the order count is clear: the July Chengxi and September Dalian disclosures concern one eight-vessel project, while the six vessels planned at Huang Hai are separate. The next milestones are shareholder approval and a signed contract for the Dalian ships, followed by final charter arrangements for the six Huang Hai vessels.