COSCO Shipping Holdings has announced that its wholly-owned subsidiary, COSCO Asset Management, entered into shipbuilding contracts on January 13, 2026 for the construction of 12 vessels. The contracts were signed with Jiangnan Shipyard and China Shipbuilding Trading for a consideration of approximately CNY1.4 billion ($193.9 million) per vessel.
The aggregate consideration for all 12 vessels is CNY16.8 billion. The group plans to obtain external financing for up to 60 per cent of the contract price for each vessel, with the remaining 40 per cent funded by internal resources.
Payments will be made in cash across six instalments based on construction progress. 50 per cent of the price is to be paid across the first five instalments, while the final 50 per cent is due upon delivery.
The vessels are 18,000 TEU-class container ships equipped with LNG dual-fuel engines. Deliveries are expected to take place between 2028 and 2029.
The contracts include liquidated damages provisions for delays in delivery or failure to meet technical specifications. The maximum penalty for delivery delays is approximately CNY58.68 million per vessel, while deviations in technical standards, such as speed or fuel consumption, carry a maximum penalty of CNY51.05 million per vessel.
COSCO Shipping Holdings stated the transaction aligns with its strategy to steadily increase fleet capacity. The new vessels are planned for deployment on east-west routes to optimise cost structures and enhance service quality.
These vessels are also intended to serve as replacements for aged vessels to improve the overall fleet structure and achieve economies of scale.
Jiangnan Shipyard was selected following a quotation process involving three shipyards. The group determined that Jiangnan Shipyard offered a shorter delivery schedule and technical capabilities that best satisfied the group’s specific requirements.
