China Cosco Shipping Group orders 87 vessels for $7 billion to modernize its fleet and enhance global supply chain stability.
China Cosco Shipping Group has placed a significant order for 87 new vessels, valued at over CNY 50 billion (approximately US$7 billion), with China State Shipbuilding Corp. This record domestic deal aims to modernize its fleet.
The investment focuses on acquiring larger, greener, and more technologically advanced ships. Cosco Shipping stated that this initiative will optimize its fleet structure and enhance global supply chain stability amid rapid changes in the maritime industry.
This agreement marks the culmination of a year of aggressive expansion for the state-owned carrier, particularly in the bulk shipping sector. From January to October, Cosco ordered 25 Capesize bulk carriers for the Simandou iron ore project in Guinea, at a cost of about CNY 13 billion.
In October, its listed unit, Cosco Shipping Development, secured contracts for an additional 23 bulk carriers and six ultra-large oil tankers, valued at CNY 12.4 billion. This underscores the group's commitment to expanding capacity and modernizing its operations.
