COSCO orders 24 bulkers in $1.27bn leasing play

COSCO Shipping Development has unveiled orders for 24 dry bulk vessels worth RMB8.66bn ($1.27bn), deepening its ship leasing business with long-term charters back into the COSCO group. The Shanghai- and Hong Kong-listed company said its indirect wholly owned subsidiary Hainan COSCO Shipping Development Shipping will contract the vessels at yards controlled by COSCO Shipping Heavy Industry and China State Shipbuilding Corporation. The order comprises twenty 87,000 dwt multi-purpose grain carriers and four 210,000 dwt newcastlemaxes, with deliveries scheduled from mid-2029 through the end of 2030. COSCO Shipping Heavy Industry’s Dalian yard will build 15 of the 87,000 dwt grain carriers at RMB319m each, for a total of RMB4.79bn. CSSC Chengxi Shipbuilding will build a further five vessels of the same design, also priced at RMB319m each. The larger vessels will be split between two CSSC yards. Dalian Shipbuilding Industry Corporation will construct two 210,000 dwt bulk carriers for RMB528m each, while Beihai Shipbuilding will build two 210,000 dwt dry bulk carriers at RMB610m each. The 210,000 dwt ships will be methanol- and ammonia-ready. All 24 ships will be leased on long-term contracts to Huifeng, a subsidiary of COSCO Shipping Bulk. Each lease will run for 240 months, plus or minus 120 days, from delivery. The lessee will have no obligation to purchase the vessels at the end of the charter period. COSCO linked the orders to use of the Hainan Free Trade Port, saying the structure would support wider application of the renminbi across shipbuilding, leasing and shipping. Sam Chambers Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune. Read Next July 1, 2026 Alcoa moves for South32 aluminium assets July 1, 2026 Diana keeps pressure on Genco with tender extension July 1, 2026 Europe cannot afford to sleepwalk into Chinese-built electric corridors July 1, 2026 COSCO-led group wins Tarragona terminal award June 30, 2026 Castor adds second modern kamsarmax in a week