COSCO Shipping Holdings Orders Fourteen Methanol-Powered Container Ships

contracts require approvals from the company’s shareholders as the transaction is considered a related party transaction but does not constitute a major asset restructuring under listing regulations. The agreement details that COSCO SHIPPING’s subsidiary, OOCL, will collaborate with the two affiliate shipbuilding companies, both partially owned by Kawasaki Heavy Industries and under the indirect control of the China COSCO Shipping Corporation Limited, offering an established competitive advantage in terms of pricing, technology, and delivery timelines. Deliveries are scheduled between the third quarter of 2028 and the third quarter of 2029. The contracts include provisions for price adjustments tied to delivery delays and adherence to specified technical standards, ensuring adherence to agreed delivery schedules and technical specifications. Payment terms are structured in five installments, with the final payment contingent on the vessels' delivery. This order highlights COSCO SHIPPING’s commitment to enhancing its fleet with environmentally friendly and efficient ships, positioning the company for increased competitiveness and sustainability in international shipping markets.