COSCO SHIPPING Development Orders 15 Methanol/Ammonia-Ready Newcastlemax Vessels
On July 29, COSCO SHIPPING Development Co., Ltd. announced its ambitious plan to construct a total of fifteen 210,000 DWT Newcastlemax bulk carriers. These vessels will be built through the company’s subsidiary, Hainan COSCO SHIPPING Development Shipping Co., Ltd., in collaboration with Shanghai Waigaoqiao Shipbuilding Co., Ltd. and Nantong Xiangyu Shipbuilding & Offshore Engineering Co., Ltd.
Significant Investment in Green Shipping Technology
The total transaction value for the construction of these 15 bulk carriers amounts to RMB 7.92 billion, with a unit price of RMB 528 million each. Notably, all vessels are designed to be “methanol- and ammonia-ready,” showcasing a commitment to environmentally friendly technologies. The contract involves the commissioning of ten vessels from Waigaoqiao Shipbuilding and five vessels from Nantong Xiangyu SOE, with staggered deliveries expected between May 2030 and December 2030.
Enhancing Fleet Capabilities and Sustainability
Upon completion, the Newcastlemax bulk carriers will be leased out to Huifeng Shipping Co., Ltd., a COSCO Shipping Bulk subsidiary, for a long-term operating basis. These vessels, equipped with dual-fuel propulsion systems, are designed to meet the demands of global deep-sea bulk cargo transportation while aligning with the industry’s green transition towards low-carbon fuels.
This strategic investment underscores COSCO SHIPPING Development’s commitment to refining its asset portfolio, enhancing operational efficiency, and promoting environmental sustainability in the maritime sector. By accelerating the development of a diverse vessel leasing asset matrix, the company aims to strengthen its position in the shipping industry while fostering a more sustainable and cost-effective future.
In a related development, COSCO SHIPPING Development had recently announced plans to order 24 new vessels, further expanding its fleet capabilities and reinforcing its position as a key player in the global shipping market. With over 100 vessels currently under construction, the company is poised for continued growth and success in the years to come.
