COSCO Places Historic USD 7 Billion Order: 87 New Ships for Fleet Restructuring Strategy
Bunny > News > COSCO Places Historic USD 7 Billion Order: 87 New Ships for Fleet Restructuring Strategy
COSCO Shipping has shaken the maritime industry with a USD 7 billion order for the construction of 87 new vessels across all segments, marking the largest shipbuilding order ever placed between a shipping line and a Chinese shipyard.
Photo: COSCO SHIPPING container vessel
In an industry already familiar with massive deals, China’s COSCO Shipping has still drawn extraordinary attention with the announcement of a newbuilding order for 87 ships, covering the full range of operational segments in its current fleet. China State Shipbuilding Corporation (CSSC) reported that the deal is valued at around USD 7 billion.
Chinese media noted that this is the largest order ever signed between a shipping company and a shipyard in China. The agreement was unveiled with a level of formality fitting its unprecedented scale.
COSCO described the contract as an important measure to adapt to market trends. The group emphasized that the order is a strategic move to maintain its scale advantage while optimizing its fleet. The company noted that the vessels will reflect emerging market trends of “large-scale development, green technology, and smart innovation.”
Comprehensive Coverage Across All Segments
No specific delivery timeline has been disclosed, but the companies stressed that this cooperation framework will cover all of COSCO’s business segments, including container shipping, dry bulk, oil and gas transportation, specialized vessels, and passenger vessels.
The vessel types mentioned include:
• Ultra-large container ships
• Ultra-large bulk carriers
• Very Large Crude Carriers (VLCCs)
• Grain carriers
• Multi-purpose heavy lift vessels
• Medium-range tankers (MR tankers)
• Ro-Ro vessels and smaller container ships
A Strategic Partnership With CSSC
This agreement comes only a few months after CSSC completed its latest restructuring designed to boost efficiency and competitiveness. In its announcement, CSSC stated that most of its member units will participate in this project, including Jiangnan Shipyard, Dalian Heavy Industry, Wuchang Shipbuilding Industry, Guangzhou Shipbuilding International (GSI), China Shipbuilding Chengxi, and Beihai Shipbuilding.
Expansion of an Already Massive Orderbook
While the new framework may incorporate some previously announced orders, it also reflects an expansion of COSCO’s already substantial orderbook.
Data from Alphaliner shows that the group currently has 82 container ships with a total capacity of 1.1 million TEU under construction. So far this year, according to media reports, COSCO has ordered 25 Capesize bulk carriers. Two months ago, the company also added 23 bulk carriers and 6 VLCCs to its orderbook.
Analysts note that an order of this scale is likely to create ripple effects across the entire industry in the coming months.
