COSCO Announces Massive $1.75 Billion Newbuild Program for 29 New Vessels

The COSCO Group has announced a massive newbuilding program valued at $1.75 billion for a total of 29 vessels. The move shows the state-owned conglomerate is continuing to renew and expand its fleet across key market segments.

This investment package includes 23 kamsarmax bulk carriers and six Very Large Crude Carriers (VLCCs). All vessels will be constructed at domestic shipyards and are scheduled for delivery between 2027 and 2028.

Deal Details

According to filings by COSCO Shipping Development, the Chinese shipping giant's financing arm, the contracts have been allocated as follows:

•    23 x 87,000 DWT bulk carriers: To be built by COSCO Shipping Heavy Industry (Dalian) under contracts worth approximately CNY 7.34 billion ($1.03 billion).

•    6 x 307,000 DWT VLCCs: To be handled by Dalian Shipbuilding Industry Corp (DSIC), with a total value of CNY 5.09 billion ($715 million).

Operational and Modernization Strategy

Upon completion, the bulk carriers will be leased to COSCO Shipping Bulk under a 20-year bareboat charter. 
Meanwhile, the VLCCs, which are designed to be methanol- and LNG-ready, will be chartered long-term to COSCO Shipping Energy Transportation. The delivery schedule will commence in April 2027 and extend through the end of 2028.

COSCO stated that these newbuild orders reflect its strategy of modernizing and decarbonizing its fleet through dual-fuel designs and long-term intra-group operational structures.

This move follows a series of previous orders this year, including 10 newcastlemax bulk carriers and four asphalt carriers. This latest investment package builds on COSCO's broader expansion strategy announced last year, with various new vessel types already on order at several Chinese shipyards.

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Source: Phaata.com (According to Splash247)

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