Three major Chinese shipping companies have joined forces to undertake a large-scale newbuilding programne for 30 multi-purpose carriers
COSCO Shipping Bulk, CITIC Financial Leasing and Fujian Mawei Shipbuilding are collaborating on the construction of a series of 80,000-dwt vessels, scheduled for delivery through 2028.
Riviera reported in March that COSCO was preparing a 15-vessel order at Fujian Mawei, building on their previous collaboration on similar tonnage.
COSCO has emphasised this latest order represents a major step forward in optimising its fleet structure, enhancing transport capacity for key commodities, and supporting China’s national shipbuilding initiative.
According to Chinese media, the new vessels will be equipped with flexible cargo holds, allowing them to transport a wide range of cargo types – broadening COSCO’s operational capabilities.
Global newbuilding leader
COSCO continues to be one of the most active players in the global newbuilding market. Most recently, the company was linked to a letter of intent with Dalian Shipbuilding Industry Co for the construction of two VLCCs.
In 2024, COSCO, alongside Mediterranean Shipping Co,topped the global rankings for the most newbuilding orders, primarily favouring Chinese shipyards for its fleet expansion strategy. According to BRS Shipbrokers, COSCO signed contracts for 102 new vessels last year, totalling 12M dwt.
On its official website, COSCO Shipping Bulk notes it operates a fleet of more than 500 bulk carriers across all segments of the sector, with a total carrying capacity exceeding 51M dwt.
