China Cosco Shipping Group has ordered 87 new vessels worth over CNY50 billion (US$7 billion) from China State Shipbuilding Corp, reported Reuters, in a record domestic deal aimed at modernising its fleet.

The order represents a major investment in larger, greener and more technologically advanced ships. Cosco Shipping said the initiative will optimise its fleet structure and bolster global supply chain stability as the maritime industry undergoes rapid change.

The agreement caps a year of aggressive expansion for the state-owned carrier, particularly in bulk shipping. Between January and October, Cosco ordered 25 Capesize bulk carriers for the Simandou iron ore project in Guinea at a cost of about CNY13 billion.

In October, its listed unit Cosco Shipping Development added contracts for 23 bulk carriers and six ultra-large oil tankers valued at CNY12.4 billion, underscoring the group's push to expand capacity and modernise operations.

https://www.shippingazette.com/news?news_id=9251200000297