China’s state-owned COSCO Group has announced new shipbuilding orders worth approximately $1.7 billion (RMB 12.4 billion), extending its fleet expansion and modernization initiative that now exceeds $7.5 billion in total. The contracts cover 29 new vessels — 23 dry bulk carriers and six Very Large Crude Carriers (VLCCs) — to be delivered between 2027 and 2028.
According to company filings, 23 dry bulk carriers of 87,000 dwt each will be constructed at Dalian Shipbuilding Industry Corp (DSIC), while six VLCCs of 307,000 dwt will be built at China State Shipbuilding Industry’s Dalian yard. The six tankers, collectively valued at around $715 million, will be dual-fuel ready for methanol and LNG upon delivery.
COSCO said the orders align with China’s national energy transportation security strategy and global efforts toward low-carbon shipping. The investment will expand and improve ship assets while strengthening the company’s role as an integrated shipping–finance operator.
COSCO Shipping Development emphasized that these newbuilds will enhance its leasing operations, improve fleet quality, and support international energy conservation and emission-reduction goals. The company also plans to deepen cooperation across the shipping supply chain and expand the use of the RMB in manufacturing, leasing, and maritime operations to enhance competitiveness in international markets.
The move follows COSCO’s broader fleet modernization strategy launched in 2024, which includes methanol dual-fuel conversions and new containership projects. Despite softer container rates and U.S. port fee measures targeting China-built and operated carriers, COSCO maintains that its integrated service model and long-term green investment plan remain unchanged.
In its October 2025 report, COSCO Shipping recorded a 4% decline in revenue and a nearly 30% decline in profit for the first nine months of the year, with sharper falls in Q3. Nonetheless, the company handled 113 million TEU in throughput — a 5.6% increase year-on-year — supported by its acquisition of Thailand’s Laem Chabang Terminal and new trade routes linking Asia, Mexico, and Latin America.
By maintaining substantial investment in fleet renewal despite market volatility, COSCO reinforces its long-term commitment to energy-efficient, sustainable growth across global shipping operations.
