China’s Cosco Shipping Group has signed a $7 billion deal with China Shipbuilding Group for a massive fleet renewal and expansion covering 87 ships, including container ships and multipurpose vessels, reports the joc.com news platform. It is described as the largest single order for new ships ever placed with the Chinese shipbuilder.
The deal was confirmed by China Shipbuilding in a statement Monday, joc.com indicated. China Cosco Shipping, parent company of ship operating subsidiaries including Cosco Shipping Holdings and Cosco Shipping Specialized Carriers, has not commented on the deal.
No details on the number of different ships or sizes were given. There were also no details on the timeframe for vessel deliveries. The orders are likely to be spread around several China Shipbuilding Group shipyards, including Guangzhou Shipyard International which is currently building a 70,000-deadweight metric ton (dwt) semi-submersible vessel for Cosco Shipping Heavy Transport for likely delivery in 2027.
”This new shipbuilding cooperation is a milestone in the joint development of the two groups,” China Shipbuilding said in its statement.
The deal is also part of the Chinese government’s ambition to accelerate the development of China as a maritime power, the statement added.
“At present, the global shipping and shipbuilding industry is facing profound changes, and the deep integration of green and low-carbon and digital intelligence technology has become an important direction for industrial development,” China Shipbuilding said.
(Cosco Shipping photo)