China’s COSCO Shipping Development To Build 14 New Vessels

China’s COSCO Shipping Development is investing in building and leasing 14 new ships, including 4 asphalt carriers and 10 bulk carriers.

It will also launch the sale and leaseback of one LNG Carrier.

The company is going to invest more than RMB 5.2 billion ($724.5 million) in ten 210,000 DWT Newcastlemax bulk carriers, which will be built for the future use of ammonia and methanol fuels.

Four ships will be constructed by Qingdao Beihai Shipbuilding and 6 by Zhoushan COSCO Shipping Heavy Industry.

After the vessels are delivered, they will be leased to COSCO Shipping Bulk or its subsidiaries.

As part of another project, the company will invest over RMB 800 million in four 9,000-ton asphalt carriers.

Two of them will be constructed by Fujian Mawei Shipbuilding, and 2 ice-reinforced vessels will be built by Huangpu Wenchong Shipbuilding.

They will be leased to subsidiaries of COSCO Shipping Specialised Transport.

The company is also involved in sale and leaseback for a 271,000 m3 LNG Carrier, with a purchase price not exceeding USD 360,7 million.

Source: Maritime Shipping News