Chinese shipping heavyweight COSCO Shipping has signed an investment, construction and leasing agreement for 42 bulk carriers in a major fleet expansion push, reports offshore energy.
Agreement
Under the agreement, signed on August 30, 2024, the company will entrust a subsidiary of COSCO Shipping Heavy Industry to invest in the construction of 20 bulk carriers and CSSC Chengxi to invest in the construction of 22 bulk carriers.
This includes five 64,000-ton ships, two 82,000-ton ships and 35 80,000-ton ships. The value of the deal is RMB 14.3 billion ($1.69 billion).
In the face of the ship leasing market with both challenges and opportunities in recent years, COSCO Shipping Development has actively seized the opportunity of the green and low-carbon transformation of the shipping industry.
Construction of containership
Recently, COSCO Shipping Heavy Industry and COSCO Shipping Container Lines have signed a contract for the construction of twelve 14,000 TEU containerships with dual-fuel methanol propulsion.
COSCO highlighted that the new vessels will be equipped with “the world’s most powerful” permanent magnet shaft generator, a bow wind deflector, an air lubrication system for the hull and intelligent systems.
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Source: Offshore energy
