COSCO Shipping Bulk Co., Ltd., a subsidiary of China COSCO Shipping Corporation Limited, has entered into an agreement with CITIC Financial Leasing for the construction of 30 bulk carriers, each with a deadweight tonnage of 80,000 tons.
The total value of the project is estimated at $1.5 billion.
Sources in the shipbuilding industry indicate that the deal is a direct response to Beijing’s call for Chinese shipowners to modernize their fleets.
This marks a significant revival of COSCO’s activity in the newbuilding sector following a period of relative inactivity.
The construction is expected to be distributed among several Chinese shipyards.
The vessels, classified as Kamsarmax bulk carriers, are anticipated to enhance COSCO’s capacity to transport commodities such as iron ore, coal, and grain.
COSCO Shipping Bulk Co., Ltd., a subsidiary of China COSCO Shipping Corporation Limited, is headquartered in Shanghai and specializes in dry bulk shipping. Established as part of the 2016 merger between China Ocean Shipping Company (COSCO) and China Shipping Group, it operates one of the largest dry bulk fleets globally, with over 380 vessels and a total capacity of approximately 34.58 million deadweight tons (dwt).
CITIC Financial Leasing Co., Ltd. is a Shanghai-based financial services company focused on leasing solutions across various sectors, including maritime. Established to support industrial and financial development, it has emerged as a key player in China’s ship leasing market. The company has previously ordered vessels, including 10 ultramax bulk carriers from Dalian Shipbuilding Industry Company (DSIC) in 2022 and 10 large pulp carriers from Chengxi Shipyard in 2023.