COSCO Shipping To Bulk Up With 80 New Vessels

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COSCO Shipping Specialized Carriers Co, a unit of State-owned China COSCO Shipping Corp — based in Guangzhou, Guangdong province — will add more than 80 vessels with different functions into its fleet over the next two years, said a senior executive on Tuesday.

Driven by the upgrading and diversification of China’s foreign trade products, these new ships, including 24 car carriers with operational capacities between 7,000 and 8,600 units, 20 pulp carriers and a number of heavy lifting ships, will expand COSCO Shipping Specialized Carriers’ fleet capacity to over 10 million deadweight tons by 2026.

New vessel orders

The majority of the company’s new vessel orders have been placed with domestic shipbuilders, including Xiamen Shipbuilding Industry Co Ltd based in Fujian province and Jiangsu province-based Chengxi Shipyard (Yangzhou) Co Ltd.

As one of the world’s largest specialized shipping operators by fleet size, the Chinese firm currently owns more than 140 vessels, including multipurpose and heavy lift vessels, semi submersible vessels and asphalt carriers.

Significant market demand 

Huang said that China’s intensified efforts to develop new quality productive forces will generate significant market demand for innovative technologies, products and services, while also creating fresh investment prospects for exports and foreign investment.

Chinese businesses are showing robust competitiveness in areas such as electric vehicles, trains, construction machinery, wind turbines and photovoltaic products, leading to increased acceptance by many countries, said Zhang.

 Foreign trade expanded

China’s foreign trade expanded 8.7 percent year-on-year to 6.61 trillion yuan ($914 billion) in the first two months, while the country’s exports of mechanical and electrical products amounted to 2.22 trillion yuan, an increase of 11.8 percent on a yearly basis, accounting for 59.1 percent of its total export value, said the General Administration of Customs.

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Source : Chinadaily