China’s COSCO Shipping Bulk has signed up for a massive newbuilding programme in the multipurpose segment that could see up to 30 newbuildings delivered for a total of $1.5bn.
The dry bulk arm of the Chinese behemoth COSCO Shipping has teamed up with compatriot Citic Financial Leasing (Citic FL) for 15 firm 80,000 dwt MPPs at Fujian Mawei Shipbuilding with options to double the order.
The two companies had earlier signed a charter deal without divulging further details.
CITIC FL will provide the financing for the vessels, continuing a financing model COSCO has used in prior deals. A similar structure was seen last year when COSCO partnered with Everbright Financial Leasing to back ten 82,000 dwt bulk carriers under construction at Jiangsu Hantong Ship Heavy Industry.
The latest order marks the next step in COSCO Shipping Bulk’s broader fleet expansion scheme. In 2024, the company , which controls around 500 ships from handysize bulkers to very large ore carriers, unveiled plans to diversify its fleet with multiple types of newbuilds already booked for construction across several Chinese shipyards.
The MPP series are estimated to cost about $50m each with deliveries slated between 2027 and 2028.
Recent newbuilding activity has also included up to 12 newcastlemax vessels booked at CSSC Qingdao Beihai Shipbuilding, with sources indicating further newbuilding deals in this segment may be imminent.
