China's COSCO Shipping Bulk has recently signed a contract for the construction of 16 multi-purpose grain carriers at the Fujian Shipbuilding factory. This contract was recently signed at a special ceremony marking the 160th anniversary of Fujian Shipbuilding and reflects the expansion of this company's activities in the dry bulk transport sector.
Contract Details and Financial Support
The new ships are designed with a capacity of 87,000 tons (dwt), and this program has been financially supported by three Chinese companies including ICBC Financial Leasing (for 11 ships), Zheyin Financial Leasing (for 3 ships), and Yongying Financial Leasing (for 2 ships). The total value of this contract is estimated to be around 800 million dollars, although the parties involved have not mentioned details regarding pricing and delivery dates.
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Background of COSCO and Fujian Shipbuilding Cooperation
This agreement signifies a strong commitment between COSCO Shipping Bulk and Fujian Shipbuilding. In June 2025, these two entities signed a contract for 15 fixed ships and 15 optional ships with a capacity of 80,000 tons in collaboration with CITIC Financial Leasing. The value of each of these ships is estimated at around 50 million dollars and they are scheduled to be delivered in 2027 and 2028.
In July, COSCO Shipping Development's public leasing arm also issued a separate order worth 1.27 billion dollars for 24 cargo ships, which includes twenty grain carriers with a capacity of 87,000 tons and four ships with a capacity of 210,000 tons. These ships are divided between the Dalian and CSSC Chengxi Shipbuilding factories, and all 24 ships are allocated for a 20-year lease to COSCO Shipping Bulk's subsidiary named Huifeng.
With this new contract, COSCO Shipping Bulk continues to expand in the grain carrier sector, reflecting the company's long-term strategy of investing in the maritime transport industry.
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