COSCO SHIPPING Development has announced a landmark investment, construction, and leasing agreement for 42 new bulk carriers. This deal marks the largest shipbuilding and leasing transaction since the company’s strategic shift towards becoming a shipping and financial services operator back in 2016.
With a current fleet of over 140 vessels, including container ships, bulk carriers, and multi-purpose pulp carriers, COSCO SHIPPING Development is already a major player in the shipping and logistics sector. This new agreement is set to further strengthen its position by significantly expanding its ship assets and enhancing its integration of industry and finance operations.
Under the terms of this ambitious agreement, 20 of the new bulk carriers will be built by subsidiaries of COSCO SHIPPING Heavy Industry, while the remaining 22 vessels will be constructed by CSSC Chengxi Shipyard. The fleet will include five vessels with a deadweight tonnage (DWT) of 64,000, two with 82,000 DWT, and a majority of thirty-five vessels with 80,000 DWT. The total investment for this deal is estimated to exceed 14.3 billion RMB, reflecting the scale and importance of this venture. The delivery of these vessels is planned for 2026 and 2027, after which they will be chartered long-term to COSCO SHIPPING Bulk.
This transaction not only underscores COSCO SHIPPING Development’s commitment to expanding its fleet and market presence but also reinforces its focus on financial and industrial integration. With these new bulk carriers, the company aims to enhance its competitive edge and secure a larger share of the maritime logistics market.
The announcement highlights the company’s confidence in future growth and stability within the shipping sector. By partnering with renowned shipbuilders and committing to substantial long-term investments, COSCO SHIPPING Development is setting the stage for continued expansion and influence in the global shipping landscape.
