The orders comprise 20 87,000-dwt multipurpose grain carriers and four 210,000-dwt Newcastlemax bulk carriers, with a combined value of approximately US$1.27Bn. Deliveries are scheduled between 2029 and 2030.

In stock exchange filings published on 1 July, COSCO Shipping Development said its wholly owned subsidiary, Hainan COSCO Shipping Development Shipping, will commission CSSC Chengxi Shipyard to build five 87,000-dwt multipurpose grain carriers.

Hainan will also order two 210,000-dwt Newcastlemax bulk carriers at CSSC Dalian Shipbuilding, while another COSCO subsidiary, Oriental Fleet Shipping 11 Limited, will commission Qingdao Beihai Shipbuilding to construct two additional Newcastlemax vessels. All four Newcastlemaxes will be delivered with methanol- and ammonia-fuel-ready designs.

Separately, Hainan will commission Dalian COSCO Shipping Heavy Industry to construct a further 15 multipurpose grain carriers of 87,000 dwt.

All 24 vessels will be chartered to Wai Fung Shipping, a subsidiary of COSCO Shipping Bulk, under 20-year charter agreements. At the end of the charter period, Wai Fung will have no obligation to purchase the vessels.

The latest orders underscore COSCO’s aggressive fleet renewal and expansion strategy, with the group continuing to channel newbuilding orders to domestic shipyards across multiple shipping segments. In one of its largest recent moves, COSCO signed an agreement with China State Shipbuilding Corporation (CSSC) covering 87 vessels worth more than US$7Bn.

The new contracts also provide another boost to the dry bulk orderbook, which has gained momentum this year as owners increasingly focus investment on larger vessel classes amid expectations of stronger long-term demand and fleet renewal.