COSCO Shipping To Build 120 Ships In $4.5 Billion Expansion Plan

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  • China COSCO Shipping Corporation (COSCO Shipping) is preparing to construct up to 120 new ships, with a total investment exceeding $4.5 billion.
  • This expansion, involving various types of vessels, will be carried out through COSCO’s subsidiaries and possibly other shipping or chartering companies.

China COSCO Shipping Corporation (COSCO Shipping), a prominent global shipping company, is planning to build up to 120 new ships worth more than $4.5 billion, iMarine reports with reference to Trade Winds.

Shipbuilding brokers stated that the number of ships to be ordered for each ship type had not yet been finalized. However, they said COSCO Shipping was considering building 20 newcastlemax bulk carriers, 40 kamsarmax bulk carriers and 30 80,000 dwt multi-purpose pulp carriers as well as several VLOCs and bitumen tankers.

The ships will then be ordered by subsidiaries of COSCO Shipping such as COSCO Shipping Bulk and COSCO SHIPPING Specialized Carriers, the broker said.

An industry source believes that some of the ships may be ordered by chartering companies or even other shipping companies and later leased by COSCO Shipping on a long-term basis.

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Source: Port News