COSCO Shipping Development (Hainan), a wholly-owned subsidiary of COSCO Shipping Development, has entered into shipbuilding contracts with COSCO Shipping Heavy Industry (Dalian) to construct 23 new 87,000 DWT methanol-ready bulk cargo vessels. The aggregate contract price for the newbuilds is approximately CNY7.337 billion ($1.032 billion), exclusive of tax.
The board of directors announced that the shipbuilding contracts were signed on October 30, 2025. On the same date, COSCO Shipping Development (Hainan) also entered into a long-term leasing agreement with COSCO Shipping Bulk to charter all 23 of the new vessels upon their delivery.
The lease period for each vessel will be 240 months, commencing from its delivery date. The vessels are expected to be delivered between May 2027 and the end of 2028.
The company noted that the contract price was determined after arm's length negotiation, with the winning builder selected based on its competitive pricing and ability to deliver the vessels within the required timeframe compared to three other shipbuilders that provided quotations.
The contract price is subject to downward adjustments if the vessels fail to meet agreed standards for speed, deadweight, fuel consumption, or are delayed.
Both COSCO Shipping Heavy Industry (Dalian) and COSCO Shipping Bulk are subsidiaries of COSCO Shipping, the controlling shareholder of COSCO Shipping Development.
