The Chinese company Cosco Shipping Development has ordered a total of 24 new bulk carriers. The vessels will be chartered on a long-term basis to a subsidiary of the Cosco Group.
The order comprises 20 Kamsarmax bulk carriers with a deadweight of 87,000 dwt each and four Newcastlemax vessels of 210,000 dwt. Deliveries are scheduled between mid-2029 and 2030. The contract is worth RMB 8.66 billion (approximately $1.27 billion). With the order, Cosco Shipping Development is further expanding its ship leasing business within the group.
The contract was placed by subsidiary Hainan Cosco Shipping Development. The vessels will be built at shipyards operated by Cosco Shipping Heavy Industry and China State Shipbuilding Corporation (CSSC).
According to reports, 15 of the Kamsarmax vessels will be built by Cosco Shipping Heavy Industry in Dalian at a unit price of around $47 million, while CSSC Chengxi Shipbuilding will construct the remaining five at the same price. The Newcastlemax vessels will also be split between two yards: Dalian Shipbuilding Industry Corporation will build two vessels for around $77.8 million each, while Beihai Shipbuilding will construct the remaining two for approximately $90 million apiece. According to Cosco, the Newcastlemax vessels will be designed to be methanol- and ammonia-ready.
The world’s fourth-largest container shipping company has also placed a series of major orders for new containerships in recent months. In December 2025, it ordered almost 90 vessels worth more than $6 billion – the largest single shipbuilding order ever placed in China. A further 18 newbuildings followed in January 2026, valued at around $2.7 billion.
20-year charter contracts with Cosco’s subsidiary
All 24 bulk carriers will enter long-term charter agreements. Huifeng, a subsidiary of Cosco Shipping Bulk, will charter each vessel for 240 months from delivery, meaning the ships are expected to remain under contract until around 2050. The company is under no obligation to purchase the vessels once the charter period expires.
According to Cosco, the orders are linked to the Hainan Free Trade Port, which covers the entire island of Hainan in southern China. The zone offers preferential policies and simplified customs procedures intended to promote international trade and investment.
The group says the financing structure is also intended to support the wider use of the Chinese currency, the renminbi, in shipbuilding, ship leasing and shipping. Although China is one of the world’s largest trading nations, the renminbi still plays only a limited role in international trade. Beijing has been seeking to increase its global use in recent years.
