The newcastlemax bulk carriers, each with a capacity of 210,000 dwt, have been ordered from two domestic yards. Four vessels, priced at approximately $73.5 million each (excluding tax), will be constructed at CSSC Qingdao Beihai Shipbuilding, a leading builder in this segment. An additional six will be built at COSCO Shipping Heavy Industry’s Zhoushan yard. These ships, scheduled for delivery between 2027 and 2028, will be chartered long-term to COSCO Shipping Bulk for approximately 20 years.
Additionally, COSCO Shipping Development has ordered four 9,000 dwt asphalt carriers from CSSC Huangpu Wenchong, each valued at about $28 million (excluding tax). These vessels will operate under a 15-year charter with COSCO Shipping Specialized Carriers, supporting the transportation of specialized cargo.
This newbuilding initiative aligns with COSCO Shipping Bulk’s broader fleet expansion strategy, which began last year and includes orders for various vessel types, such as newcastlemaxes and up to 30 multipurpose ships, across Chinese shipyards. COSCO Shipping Specialized Carriers, with a fleet exceeding 140 vessels, including multipurpose, heavylift, asphalt, and pulp carriers, aims to expand its capacity to over 10 million dwt by 2026 to meet growing demand for transporting infrastructure equipment, wind turbines, railway machinery, and heavy goods.
Wang Ming, a senior executive at COSCO Shipping Development, stated: “This latest package of newbuilds strengthens our ability to serve global trade efficiently while leveraging advanced shipbuilding capabilities within China.” He added: “Our long-term charters ensure operational stability and support the sustainable growth of our fleet.”
In a separate move, COSCO Shipping Development announced a sale and leaseback agreement for a 271,000 cubic meter QC-Max LNG carrier, valued at up to $360 million, with a 20-year lease term. This transaction further diversifies the company’s portfolio while optimizing financial resources.
These efforts highlight COSCO Shipping’s strategic focus on fleet modernization and capacity expansion, utilizing domestic shipbuilding expertise to enhance its global shipping operations and meet diverse market needs.
