COSCO Continues Expansion with Major Dry Bulk Vessel Order

COSCO Shipping has extended its aggressive expansion strategy by placing a substantial newbuilding order in the dry bulk sector.

The Chinese state-owned shipping giant has secured contracts for 42 new bulk carriers, distributed between its affiliated shipyards, COSCO Shipping Heavy Industry and CSSC Chengxi Shipyard. The total value of these contracts exceeds $2 billion ($1.8 billion excluding taxes).

Under the new agreements, COSCO Shipping Heavy Industry will construct 20 of the new vessels, which include five 64,000 dwt ultramaxes, thirteen 80,000 dwt kamsarmaxes, and two slightly larger 82,000 dwt ships. The remaining 22 vessels, all 80,000 dwt, will be built by CSSC Chengxi Shipyard.

This significant shipbuilding order follows closely on the heels of COSCO’s recent purchase of twelve 14,000 TEU methanol dual-fuel containerships and eight newcastlemax bulk carriers. The newly ordered vessels are scheduled for delivery in 2026 and 2027.

All 42 ships will be leased to companies owned by COSCO Shipping Bulk, further strengthening the company's presence in the dry bulk market.