COSCO Shipping has launched a fresh newbuilding push which will see 14 ships constructed at domestic yards.
COSCO Shipping Development, the financing arm of China’s state-controlled shipping giant, has commissioned a newbuilding package, including 10 newcastlemax bulk carriers and four asphalt carriers.
Four 210,000 dwt newbuilds have been booked at the leading builder in the segment, CSSC Qingdao Beihai Shipbuilding, at about $73.5m excluding tax and an additional six at COSCO Shipping Heavy Industry’s Zhoushan yard.
The ships will be chartered long-term by COSCO Shipping Bulk for about 20 years, once delivered between 2027 and 2028.
In parallel, COSCO Shipping Development has ordered four 9,000 dwt asphalt carriers from CSSC Huangpu Wenchong, at roughly $28m each, excluding tax. These will serve a 15‑year charter under COSCO Shipping Specialized Carriers.
This latest package builds on COSCO Shipping Bulk’s broader expansion strategy announced last year, with multiple types of newbuilds already booked for construction across several Chinese shipyards, including a series of newcastlemaxes and the most recent one for up to 30 ships in the multipurpose segment.
COSCO Shipping Specialized Carriers, meanwhile, continues a rapid build-up ahead of demand for transport of infrastructure equipment, wind turbines, railway machinery and heavy goods. Its fleet of over 140 ships includes multipurpose, heavylift, asphalt carriers and pulp vessels. Expansion plans are aimed at growing this to over 10m dwt by 2026.
In addition to the dry cargo and specialised tanker builds, COSCO Shipping Development has announced plans to carry out a sale and leaseback involving a 271,000 cu m QC‑Max LNG carrier for up to $360m, with a 20‑year lease term.
