COSCO Shipping is pressing ahead with a major expansion of its newcastlemax fleet, emerging as the end operator behind a fresh quartet of 210,000 dwt bulk carrier newbuildings at Dalian Shipbuilding Industry Co (DSIC).
DSIC revealed last week that it had booked orders for 30 vessels, including four newcastlemaxes, without naming the customer. Market and shipbroking sources have since hinted that the ships were ordered through Chinese leasing companies and will join China’s state-controlled shipping giant on long-term charter once delivered.
The deal marks COSCO’s second newcastlemax newbuilding push this year. In July, the group approved orders for 10 similar 210,000 dwt units to be built by COSCO Shipping Heavy Industry Zhoushan and CSSC Qingdao Beihai Shipbuilding. Those vessels, costing about $744m, are due for delivery by the end of 2028 and will also be operated by COSCO Shipping Bulk.
Chinese owners continue to dominate the newcastlemax segment, backing a steady flow of large newbuildings while picking up secondhand tonnage across various age brackets. COSCO, in particular, has been active across multiple ship types as part of a wider fleet-renewal and decarbonisation drive.
The company has already teamed up with DSIC for six VLCCs as part of a broader shipbuilding programme worth about $1.75bn. In parallel, COSCO Shipping Heavy Industry Dalian is lined up to build 23 methanol dual-fuel kamsarmaxes, while DSIC will construct six pre-reserved VLCCs capable of operating on methanol and LNG.
The new wave of newcastlemax orders reinforces COSCO’s position as one of the most aggressive investors in China’s large bulk carrier segment this year, with all vessels secured on long-term employment within the group once delivered.
