COSCO launches major newbuilding program
On July 29, COSCO SHIPPING Development (CSD) announced a major move in its ship leasing and industrial-finance integration strategy, committing more than RMB 6 billion (approx. $830 million) to a new fleet expansion program involving:
10 x 210,000 DWT methanol- and ammonia-ready Newcastlemax bulk carriers
- 4 vessels to be built at Qingdao Beihai Shipbuilding
- 6 vessels at Zhoushan COSCO Shipping Heavy Industry
- All vessels will be long-term chartered to COSCO SHIPPING Bulk
4 x 9,000 DWT asphalt tankers
- 2 vessels for dual domestic/international trade at Fujian Mawei Shipbuilding
- 2 ice-class vessels at CSSC Huangpu Wenchong Shipbuilding
- Vessels to be chartered to COSCO SHIPPING Specialized Carriers
1 x 271,000 m³ QC-Max LNG carrier
- Involves a sale-and-leaseback transaction valued up to $360 million
This move follows CSD’s 42-vessel bulk carrier investment in 2023 (RMB 14.36 billion), and further deepens its commitment to green transformation, ESG goals, and long-term strategic value creation.
With robust collaboration across four major Chinese shipyards, COSCO SHIPPING Development continues to pioneer the integration of financing and shipping assets—supporting the decarbonization of the maritime industry and delivering value across the COSCO SHIPPING Group supply chain.
Source: xinde
