Cosco Shipping signs another jumbo MPV order in expansion push
The 30 new 80,000 dwt ships are slated for delivery in 2027-2028 supported by a decade-long leasing finance
Chinese giant continues its 100+ ship fleet growth push backed by Chinese lessors and builders amid geopolitical tensions
STATE conglomerate China Cosco Shipping Corporation has confirmed another mammoth dry bulk order, signing up for 30 multipurpose vessels in a deal potentially valued at $1.3bn.
Its subsidiary, Cosco Shipping Bulk, said in a statement that the newbuildings for the 80,000 dwt ships will be completed in partnership with Citic Financial Leasing and Fujian Shipbuilding Heavy Industry.
“This co-operation is an important measure… to continuously promote our fleet structure optimisation, build a world-class shipping fleet, support ‘China-made ships for China trade’, and accelerate replenishment of high-quality grain shipping capacity,” CSB said.
“It will enhance our fleet’s global competitiveness and improve the country’s capacity to ship important strategic commodities,” it added.
Lloyd’s List understands the lessor has ordered the vessels and agreed to charter them to CSB for more than 10 years upon delivery in 2027-2028.
Financial details were not disclosed, but last September the dry bulk arm of Cosco ordered 13 and 22 MPVs of similar size from Cosco Shipping Heavy Industry (Dalian) and Chengxi Shipyard respectively, each for $44m.
Versatility is a key design feature for these newbuildings, which can carry a range of cargoes including traditional grains, high-speed trains, wind power equipment, automobiles and heavy machinery.
At the time, CSB signed for 42 bulkers worth $1.8bn, also including two 82,000 dwt kamsarmaxes and five 64,000 dwt ultramaxes.
These were followed by orders for another 10 kamsarmax and up to eight newcastlemax ships announced last December.
Earlier this month, CSB’s sister company Cosco Shipping Specialized Carriers reached an agreement with Bocom Financial Leasing to lease six newbuilding 60,000 dwt, multipurpose, heavylift vessels for more than 15 years.
These deals validate earlier market speculation that Cosco Shipping plans to order over 100 dry bulkers in a sweeping fleet growth and renewal programme.
They also show that Chinese leasing companies have been increasingly strengthening ties with domestic shipowners and charterers, influenced by previous anti-corruption campaigns and geopolitical tensions.
