COSCO, a subsidary of Cosco Shipping Holdings, a shipping giant in China, has ordered ten new containerships, worth a total of $1.5 billion, from it’s affiliate shipbuilder, Cosco Shipping Heavy Industry (Yangzhou).
The order can be further divided into four of the containerships amounting to $620 million, which have a capacity of 16,180 TEU each and $876 million for six other 14,092 TEU boxships.
The six14,092 TEU vessels would be delivered between December, 2023 to September, 2024, while the other four 16,180 TEU vessels are scheduled for delivery from June, 2025 to December, 2025.
The third largest liner in the world, COSCO would be funding forty-percent of the deal from it’s internal resources, while the rest 60% would be via bank borrowings, says Alphaliner.
The Cosco Shipping Heavy Industry (Yangzhou) had twenty-nine more vessels in it’s orderbook, prior to this. With 25 bulk carriers, and 4 tankers. According to the data by VesselsValue. It has built and delivered forty vessels, during 2018 and 2020, totaling approximately 6.33 million DWT.
The shipping industry is witnessing an ordering spree from the past six months. With companies such as MSC, CMA CGM and Maersk being the forerunners.