Chinese giant Cosco Shipping placed an order to build 42 dry bulk carriers.
This is a landmark transaction, as it is the largest shipbuilding and leasing contract since 2016, when the Chinese company transformed into a shipping and finance operator.
Based on the transaction, Cosco will entrust a subsidiary of the shipyard Cosco Shipping Heavy Industry with the construction of 20 bulk carriers and Chengxi, a subsidiary of the leading Chinese shipbuilding group CSSC, with the construction of the remaining 22 vessels.
These 42 bulk carriers are five ultramaxes, with a capacity of 64,000 DWT each and 37 panamaxes/kamsarmaxes, with a capacity of 80,000 – 82,000 DWT each.
The total value of the contract exceeds 2 billion dollars.
As Cosco pointed out, the vessels will be delivered from 2026 to 2027 and will be chartered to Cosco Shipping Bulk for long-term periods.
“The transactions will effectively strengthen the cornerstone of the development of the ship leasing business, contribute to long-term stable income and cash flow, and improve overall financial stability,” the Chinese giant said.
These are ships that will have environmentally friendly energy saving features, while some will also have methanol-ready propulsion capabilities.
In fact, the company underlined that this large order will help it to “actively take advantage of the opportunities arising from the green and low-carbon transformation of the shipping industry.”
It is noted that with this deal, Cosco makes a significant jump in the size of the ships it owns, after previously ordering some smaller bulk carriers and multipurpose vessels.
The Group
Until December 31, 2023, Cosco Shipping owned a fleet of 1,325 vessels. The fleet of bulk carriers consists of 430 ships, with a total capacity of 44.11 million DWT, while that of tankers consists of 225 ships, with a capacity of 29.43 million DWT.
It also owns containerships, with a capacity of 3.08 million TEUs, a number that places it in fourth place internationally in the list of the world’s leading liner companies.
Finally, it controls 152 general and specialized cargo vessels, with a capacity of 4.75 million DWT.
At the same time, the group has invested in 57 terminals, including container handling terminals around the world.
Of course, Piraeus is in a prominent position, which in recent years has emerged as one of the leading container service ports in Europe.
The annual handling of the terminals controlled by Cosco amounts to 134 million TEUs.
