COSCO Signs $310 Million Deal To Lease Six New Heavylift Ships To Fleet

COSCO Shipping Specialized Carriers has signed a $310 million bareboat charter agreement to lease six new multipurpose heavylift ships.

The vessels, each with a capacity of 60,000 deadweight tonnes (dwt), will be built at Chengxi Shipyard in China, which is affiliated with China State Shipbuilding Corporation (CSSC).

The agreement is with Bank of Communications Financial Leasing (BoComm Leasing), a leading Chinese leasing firm and subsidiary of Bank of Communications.

COSCO Shipping Specialized Carriers, listed in Shanghai and part of the larger China COSCO Shipping Group, will lease the vessels for 189 to 195 months, about 16 years. The charter will cost around $19.4 million annually, adding up to a total of approximately $310.6 million.

According to the company, the first four ships will be chartered at a daily rate of CNY63,500 (around $8,843), while the final two ships will have a slightly higher rate of CNY63,800 (about $8,885) per day. This brings the average daily charter rate to $8,864 per vessel.

These new vessels are designed to carry a range of specialized cargo such as wind power equipment, port machinery, heavy industrial parts, and large project cargoes. The ships will feature onboard cranes and strengthened cargo holds, making them more capable and versatile than standard bulk carriers.

The six MPP (multipurpose project) vessels are not yet listed in Chengxi Shipyard’s current orderbook, based on data from shipping database Clarksons, suggesting they are newly ordered for this specific deal.

COSCO Shipping Specialized Carriers operates a fleet of around 164 ships and is actively working to expand. The company stated that it is boosting its fleet by both ordering ships under its own name and entering into long-term charters through leasing partners like BoComm.

MPPs are described as one of its main operational vessel types, and the company said this charter is aimed at better responding to market shifts and improving profitability.

Earlier this year, local Chinese media reported that COSCO Specialized Carriers plans to add over 50 new ships, including car carriers, multipurpose ships, and heavylift vessels, by the end of the year. This expansion is being driven by a rise in demand for transporting renewable energy components, port equipment, and other specialized goods.

In the first quarter of 2025, COSCO Specialized Carriers posted an operating profit of CNY5.2 billion, marking a 51.47% jump compared to the same period in 2024.

Its sister company, COSCO Shipping Bulk, has also been linked to major expansion plans. In May, it was behind an order for up to 30 ships at Fujian Mawei Shipbuilding. This included a firm order of 15 MPPs of 80,000 dwt each, placed by Citic Financial Leasing for COSCO Shipping Bulk, with options for 15 more vessels.

BoComm Leasing, which is providing the six newly chartered vessels, is one of the most active players in China’s maritime leasing sector. The company manages a fleet of over 470 vessels with a combined value exceeding $20.8 billion.

Reference: nauticalvoice

Source: Maritime Shipping News