COSCO Shipping orders to build 15 new methanol-powered container ships worth USD 3 billion

Phaata Phaata

Total of 15 new methanol-powered ships of COSCO Shipping, including six 23,000-TEU ships that will have methanol dual-fuel engines and nine 15,000-TEU ships running on methanol only.

Container ship of COSCO shipping lines

A container ship of COSCO shipping lines (Photo: Cosco Shipping Lines)

COSCO Shipping - China's state-owned shipping giant - is said to be ordering six 23,000 TEU vessels and nine 15,000 TEU vessels at Cosco Shipping Heavy Industry Yangzhou, its sister company. This shipbuilder is also building 10 ships of 16,000 TEU for COSCO Shipping.

The 23,000 TEU ships will have methanol dual-fuel engines, while the 15,000 TEU ships will run solely on methanol; total contract value is estimated at least USD 3 billion.

COSCO Shipping, including OOCL, has 32 vessels totaling approximately 580,000 TEUs ordered at affiliated shipyards, and these vessels will be delivered between 2023 and 2025.

COSCO Ship Holding - COSCO Shipping's parent company - said in its first half report that as the world moves towards the goal of zero carbon emissions by 2050, green and low-carbon development has become the general direction of global economy and society development.

As a result, COSCO Ship Holding is developing innovative green energy, emission reduction and low carbon technologies, while promoting the green and low carbon development of fleets and ports.

“The group will continue to improve the sustainable development framework, accelerate the building of green and low-carbon fleet and…promote application of renewable energy in the port and shipping logistics industries,” said COSCO Ship Holding.

The group also acknowledged challenges to its earnings as rates continued to fall, leading to forecasts that the party for the shipping lines was over.

The group said, “With the gradual return of the supply chain to normal, the group will focus on strengthening the management and control of major operating cost items such as empty container transportation, fuel costs, and cargo costs, strictly implement cost control, and improve its ability to respond to market changes and inflationary pressures”.


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Source: Phaata.com (According to ContainerNews)

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