COSCO SHIPPING Development has placed an order worth approximately US$1.17 billion for 15 Newcastlemax bulk carriers, each with a deadweight of 210,000 DWT. The contract, valued at RMB7.92 billion, will be split between two Chinese shipyards: Shanghai Waigaoqiao Shipbuilding will build 10 vessels for RMB5.28 billion, and Nantong Xiangyu Marine Equipment will construct five vessels for RMB2.64 billion. Each ship is priced uniformly at RMB528 million (about
US$77.8 million). Deliveries are scheduled between May and December 2030. Upon completion, all vessels will be chartered for 20 years to Huifeng Shipping, a subsidiary of COSCO SHIPPING Bulk, with an annual charter hire capped at RMB59.4 million (around US$8.75 million) per vessel. The vessels will feature methanol-ready and ammonia-ready designs, allowing for future fuel conversion in line with evolving regulations and bunkering infrastructure. This order reflects COSCO SHIPPING's strategic approach to integrating shipbuilding capacity, long-term capital investment, and commercial shipping demand. It also underscores the growing importance of large dry bulk carriers in securing supply chains amid geopolitical risks. Combined with 24 dry bulk newbuildings announced in June, COSCO SHIPPING Development has commissioned 39 new dry bulk vessels in 2026, with a total contract value of about RMB16.58 billion (US$2.44 billion).
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