COSCO Shipping Specialised Carriers plans to add 22 60,000 DWT multipurpose heavy-lift ships through long-term bareboat charters and newbuildings.
The company announced the plans on September 30, following board approval on September 29 for the charter proposal and eight newbuildings at Dalian COSCO Shipping Heavy Industry.
The six chartered ships will be built at Huanghai Shipbuilding for the company’s Xiamen subsidiary, which it wholly owns. The proposed term is about 20 years, with daily hire of about CNY61,000 ($9,100) per vessel, including tax.
Annual rent for all six ships would total about CNY133.59 million after delivery. The subsidiary will manage the vessels, with the lessor and final terms to be settled in a formal agreement.
The Dalian ships have a combined price cap of CNY2.624 billion excluding tax, or CNY328 million per vessel. Deliveries and entry into service are expected in phases from 2029 to 2030.
The Dalian project requires shareholder approval because the yard is controlled by COSCO Shipping Specialised Carriers’ indirect controlling shareholder. Shipbuilding agreements remain unsigned pending approval, with an extraordinary shareholders’ meeting proposed for October 28.
The eight-ship CSSC Chengxi order announced in July also has a maximum price of CNY2.624 billion excluding tax. Deliveries are scheduled from April 2029 to June 2030.
The two newbuilding projects have a combined maximum price of CNY5.248 billion excluding tax. Rent for the six chartered vessels is separate from that construction total.
“Multipurpose heavy-lift ships are one of COSCO Shipping Specialised Carriers’ core businesses; in light of prospects for future demand in specialized transportation, the company’s multipurpose heavy-lift capacity still has a shortfall,” the company said.
The company said the bareboat arrangement would, “effectively reduce the upfront funding pressure of newbuildings,” and support liquidity.
The company’s half-year report listed 24 owned heavy-lift ships and 16 operationally leased vessels at June 30.
First-half heavy-lift revenue rose 18.48 per cent year on year to CNY1.850 billion.