COSCO Shipping Development has signed an investment, construction and leasing agreement for 42 bulk carriers.
Inked on 30 August, this deal marks the largest shipbuilding and leasing transaction since the company transformed into a shipping industry and finance operator in 2016.
According to the transaction, the company will entrust a subsidiary of COSCO SHIPPING Heavy Industry to invest in the construction of 20 bulk carriers and CSSC Chengxi to invest in the construction of 22 bulk carriers, including five 64,000-tonne ships, two 82,000-tonne ships and 35 80,000-tonne ships, with a total ship order value of more than RMB 14.3 billion (€1.8 billion).
These ships – some of which are methanol-ready – will be delivered in succession from 2026 to 2027 and will be leased to COSCO SHIPPING Bulk for a long term.
COSCO Shipping currently owns more than 140 ships and has layouts in multiple sub-sectors such as container ships, bulk carriers, and multi-purpose pulp ships.
The company says this latest deal will enhance its assets significantly, further consolidating its leasing business.
