China COSCO Shipping Group has placed a record-breaking domestic order for 87 new vessels from China State Shipbuilding Corp in a deal valued at over RMB 50 billion ($7 billion), reports Caixin. This move comes as the maritime giant races to modernize its fleet and cement its global position.
The deal marks a major investment in larger, more environmentally friendly, and technologically advanced vessels. COSCO Shipping said the initiative will help optimize its fleet structure and support global supply chain stability as the maritime sector undergoes rapid transformation.
The agreement concludes a year of aggressive expansion for the state-owned shipping giant, particularly in the bulk carrier segment. From January through October, COSCO Shipping placed orders for 25 Capesize bulk carriers to support the Simandou iron ore project in Guinea, West Africa, at a cost of about RMB 13 billion. In October, its listed unit, COSCO Shipping Development, added orders for 23 bulk carriers and six ultra-large oil tankers worth approximately RMB 12.4 billion.