COSCO signs agreement for 42 bulk carriers
COSCO SHIPPING Development has recently made a major announcement, revealing that it has entered into a significant investment, construction, and leasing agreement for 42 bulk carriers. This marks the largest shipbuilding and leasing transaction since the company’s transformation into a shipping industry and financial services operator in 2016.
As a leading industry and finance operator centered on the shipping and logistics sector, the company currently boasts a fleet of over 140 vessels. Its portfolio extends across various segments, including container ships, bulk carriers, and multi-purpose pulp carriers. This transaction will notably expand the company’s ship asset scale and solidify the foundation of its industry and finance integration efforts.
According to the terms of the deal, COSCO SHIPPING Development will commission COSCO SHIPPING Heavy Industry’s subsidiaries to build 20 bulk carriers and CSSC Chengxi Shipyard to undertake the building of an additional order of 22 bulk carriers. The fleet will be comprised five 64,000-DWT vessels, two 82,000-DWT vessels, and thirty-five 80,000-DWT vessels, with the total consideration exceeding 14.3 billion RMB. Scheduled for delivery in 2026 and 2027, these vessels will be chartered long-term to COSCO SHIPPING Bulk.