COSCO Invests in Building 42 New Bulk Carriers

On August 30, COSCO SHIPPING Development completed a major deal to invest in, build and lease 42 new bulk carriers.

This agreement is the largest shipbuilding and leasing transaction since the company transformed into a shipping and finance operator in 2016.

Under the terms of the deal, COSCO Shipping Heavy Industry, an affiliate of COSCO, will be responsible for building 20 bulk carriers, and the group's subsidiary CSSC Chengxi Shipyard will build the remaining 22 bulk carriers.

The order includes five 64,000-ton, two 82,000-ton and 35 80,000-ton vessels, with a total order value exceeding US$2 billion. The vessels, to be delivered between 2026 and 2027, will be on long-term charter to COSCO SHIPPING Bulk. The vessels will be energy-efficient and environmentally friendly, with some of them designed to be ready to use methanol.

Source: Phaata.com (via Container-News)