Seatrade-Maritime: Cosco Shipping Development contracts 15 bulk carrier newbuilds

Published by Seatrade-Maritime

Cosco Shipping Development has unveiled a plan to invest RMB7.92 billion in constructing fifteen 210,000dwt Newcastlemax bulk carriers, marking its second major newbuilding contract within just one month.

The company will finalize construction contracts in two batches via its indirectly wholly-owned subsidiary Hainan Cosco Shipping Development. Ten bulk carriers will be built by Shanghai Waigaoqiao Shipbuilding. The remaining five vessels will be constructed by Nantong Xiangyu Offshore Engineering Equipment.

The new vessels are due for delivery in staggered batches throughout 2030.

Each vessel adopts a methanol & ammonia dual-fuel ready design, allowing flexible retrofitting of clean energy power systems amid low-carbon technology upgrades. The ships can undertake deep-sea transportation of global bulk commodities such as iron ore and grain, while proactively complying with international maritime carbon emission regulations to safeguard long-term asset residual value.

Upon completion and handover, all fifteen bulk carriers will be chartered out on long-term operating leases to a subsidiary of Cosco Shipping Bulk.

At the end of June, the company announced orders for 24 vessels, including 20 units of 87,000 dwt multipurpose grain carriers, two 211,000 dwt bulk carriers and two 210,000 dwt dry cargo vessels. These ships will be constructed by Dalian Cosco Shipping Heavy Industry, CSSC Chengxi Shipyard, Dalian Shipbuilding Industry and Qingdao Beihai Shipbuilding Heavy Industry, scheduled for handover between June 2029 and late 2030. Earlier in May, the company acquired eight 211,000 dwt and two 64,000 dwt bulk carriers.

Over the past two years, Cosco Shipping Development has markedly accelerated its investment pace in dry bulk vessel assets. In August 2024, the company launched an industry-finance integration project covering 42 dry bulk carriers, all of which will be long-term chartered to Cosco Shipping Bulk for operation upon delivery. In 2025, Cosco Shipping Development placed orders for ten 210,000 dwt Newcastlemax bulk carriers and twenty-three 87,000 dwt bulk carriers.