COSCO Shipping Specialized Carriers seals $310m deal for six
COSCO Shipping Expands Fleet with New Vessel Deal
COSCO Shipping Specialized Carriers has secured a significant deal with Bank of Communications Financial Leasing (BoComm Leasing) to acquire six multipurpose heavylift vessels. This agreement marks a strategic move for the Shanghai-listed unit of COSCO Shipping Group, which boasts a diverse fleet of over 150 ships. The vessels, each with a deadweight tonnage of 60,000, are being constructed at the Chengxi Shipyard, affiliated with CSSC.
Long-Term Charter Agreement Details
Under the terms of the agreement, COSCO Specialized Carriers will bareboat charter the six vessels for approximately 16 years. The financial commitment amounts to about $19.4 million annually, totaling around $310 million over the duration of the charter. This long-term arrangement is part of COSCO’s broader strategy to enhance its fleet capabilities, particularly in specialized shipping sectors such as heavylift and pulp carrier projects.
This latest leasing deal is not an isolated incident; COSCO has previously engaged in multiple agreements with BoComm Leasing and other domestic lessors to bolster its fleet. The company is responding to a growing demand for the transportation of specialized cargo, including wind power products and port machinery. Earlier this year, reports indicated that COSCO Specialized Carriers plans to expand its fleet by adding over 50 ships, which will include car carriers, multipurpose vessels, and heavylift ships by the end of the year. This expansion reflects the company’s proactive approach to meet the evolving needs of the shipping industry.
