The company has partnered with Citic Financial Leasing (Citic FL), a Chinese financial institution, to secure 15 firm orders for 80,000 dwt multipurpose vessels at Fujian Mawei Shipbuilding. The agreement includes options to double the order, potentially expanding the fleet significantly. Each vessel is estimated to cost approximately $50 million, with deliveries scheduled between 2027 and 2028.
A representative from COSCO Shipping Bulk stated: “This partnership with Citic FL strengthens our capacity to expand and modernize our fleet, ensuring we meet future market demands efficiently.” The collaboration follows a previous charter agreement between the two companies, though specific details of that deal were not disclosed.
Citic FL will finance the vessels, continuing a model COSCO has employed in past projects. For instance, in 2024, COSCO collaborated with Everbright Financial Leasing to support the construction of ten 82,000 dwt bulk carriers at Jiangsu Hantong Ship Heavy Industry. This financing approach has proven effective for COSCO’s fleet expansion efforts.
The multipurpose vessel order is part of COSCO Shipping Bulk’s broader strategy to diversify its fleet, which currently includes around 500 vessels, ranging from handysize bulkers to very large ore carriers. In 2024, the company announced plans to incorporate various types of newbuilds, with contracts already signed at multiple Chinese shipyards.
In addition to the multipurpose vessels, COSCO has recently ordered up to 12 newcastlemax vessels at CSSC Qingdao Beihai Shipbuilding. Industry sources suggest more orders in this segment may be announced soon, indicating COSCO’s commitment to expanding its operational capabilities.
The newbuilding program reflects COSCO Shipping Bulk’s focus on enhancing its fleet to meet evolving global shipping demands. By investing in modern, versatile vessels, the company aims to maintain its competitive edge in the dry bulk and multipurpose shipping markets.
