COSCO Shipping Development has announced its largest shipbuilding and leasing agreement since becoming a shipping finance operator in 2016. The deal includes the construction and leasing of 42 bulk carriers.
As part of this substantial agreement, COSCO Shipping Development, via its wholly-owned subsidiary Hainan COSCO Shipping Development Shipping Co., Ltd., has commissioned the construction of these vessels from COSCO Shipping Heavy Industry and Chengxi Shipyard.
The agreement includes the building of 20 bulk carriers by COSCO Shipping Heavy Industry and 22 by Chengxi Shipyard. The total order value surpasses RMB 14.36 billion, significantly expanding the company’s fleet, which already includes over 140 vessels across various categories, such as container ships, bulk carriers, and multipurpose pulp ships.
The 20 vessels being built 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. Meanwhile, the 22 vessels ordered from Chengxi Shipyard, each with a capacity of 80,000 DWT, have a contract value of RMB 6.872 billion.
These modern, environmentally friendly bulk carriers are scheduled for delivery between 2026 and 2027 and will be leased to COSCO Shipping Bulk, supporting the company’s long-term leasing business. This agreement not only strengthens COSCO Shipping Development’s financial position but also aligns with the global move towards greener and more sustainable shipping practices.
