Recently, COSCO Shipping Group released a number of shipbuilding plans two days in a row, with a total cost of nearly $30 billion and a total number of 54 ships, which can be regarded as the largest shipbuilding plan in the history of COSCO.
On 29 August 2024, COSCO Shipping Holdings Company Limited (hereinafter referred to as ‘COSCO Shipping Holdings’), a subsidiary of COSCO Shipping Group, announced a major shipbuilding plan. (‘COSCO Shipping Container Lines’), a wholly-owned subsidiary of COSCO Shipping Holdings, has signed a contract with Yangzhou COSCO Shipping Heavy Industry Co. for the construction of twelve 14,000 TEU Methanol Dual Fuel Container Vessels (‘MDCVs’).
These container vessels adopt the latest green and low-carbon technologies, and their intelligent design improves fuel efficiency and operational safety. These vessels will not only adopt methanol dual-fuel models for main engines and generators, but will also be equipped with the world's largest capacity class of permanent magnet axle belt generators, bow windshields, as well as the Group's self-developed hull air lubrication system and intelligent ship system, which can significantly reduce the level of greenhouse gas emissions, in line with the greenhouse gas emission reduction vision targets for the shipping industry set by the International Maritime Organisation (‘IMO’).
It is learnt that the 14,000TEU methanol dual-fuel container ships are jointly designed by COSCO Shipping Container Lines, COSCO Shipping Heavy Industry and China Shipbuilding and Ocean Engineering Design & Research Institute. The innovative design of the new vessel not only improves its route adaptability, but also significantly increases the loading capacity of cold containers, which can better meet the increasingly diversified transport needs of customers.
Just one day later, on 30 August, COSCO Haifa made a series of announcements that it had signed agreements for the construction and leasing of 42 bulk carriers, involving a total amount of 12.7 billion yuan for the construction of new vessels and up to 30.1 billion yuan for the leasing of vessels.
According to the announcement, COSCO Hai Fa will commission COSCO Shipping Group's shipyards to build 20 bulk carriers, and China Shipbuilding Group's Chengxi Shipyard to build 22 bulk carriers, including five 64,000 dwt, two 82,000 dwt, and 35 80,000 dwt class ships. Under the background of global shipping energy transformation, COSCO Hafa has commissioned the shipyards under COSCO Shipping Group to build 20 new vessels reserved for methanol fuel system.
According to the plan, the vessels will be delivered from 2026 to 2027. COSCO SHIPPING said that this investment in the construction of 42 bulk carriers not only marks an important step in the field of shipping leasing business, but will also provide strong support for the company's stable income and cash flow in the future. As a production and financing operator with a layout around the shipping and logistics industry chain, COSCO SHIPPING aims to continue to consolidate and expand its competitiveness in the international market by optimising resource allocation and deepening the combination of production and financing.
The two large-scale shipbuilding programmes of COSCO Shipping Group not only highlight the Group's strong strength and ambition in the global shipping market, but also reflect its forward-looking layout in promoting green and low-carbon shipping. By adopting the latest green technology and intelligent design, these new vessels will make a significant contribution to the realisation of the shipping industry's sustainable development goals. In the future, COSCO Shipping Group is expected to continue to lead the industry's transformation and further consolidate its position as a leading global shipping company. With the successive delivery of these new vessels, the Group will occupy a more solid and favourable position in the global shipping market, and provide even better and more diversified services to customers around the world.
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