COSCO Shipping Development expands fleet with new shipbuilding and leasing deals

COSCO Shipping Development has significantly expanded its fleet with two major shipbuilding and leasing initiatives. Its subsidiary, COSCO Shipping Development (Hainan), entered into twenty-three shipbuilding contracts for 87,000 DWT bulk cargo vessels totaling approximately RMB7.337 bn. These vessels, expected to be delivered between May 2027 and end of 2028, will be leased to COSCO Shipping Bulk for 240 months ± 180 days.

Simultaneously, Hainan COSCO Shipping Development agreed to purchase six 307,000 DWT VLCCs for approximately RMB5.086 bn, with deliveries anticipated between April 2027 and November 2028. These VLCCs will be leased to Pan Cosmos for 240 months ± 90 days. The company also renewed several continuing connected transactions with COSCO Shipping Group, including master agreements for operating lease services, vessel services, container services, general services, tenancy, and a trademark license, effective from January 1, 2026, for three years.

Furthermore, new financial services agreements were established with COSCO Shipping Finance for deposit, loan, settlement, and foreign exchange services. The deposit services constitute a major and continuing connected transaction, with proposed annual caps for deposits reaching RMB20 bn by 2028, and loan services up to RMB28 bn. These comprehensive transactions are aimed at enhancing the Group's operational efficiency, asset quality, and long-term financial stability.