COSCO Shipping Development expands fleet, renews key agreements

COSCO Shipping Development has approved major transactions, including the acquisition of 23 methanol-ready bulk cargo vessels for approximately RMB7.337 bn. These vessels are expected to be delivered between May 2027 and the end of 2028. The company also renewed several continuing connected transaction agreements with COSCO SHIPPING for three years, until December 31, 2028. These agreements cover operating leases, vessel services, and container services.

Proposed annual caps for these agreements reflect anticipated business growth. The Master Operating Lease Services Agreement's caps are RMB4.5 bn, RMB6 bn, and RMB9 bn for 2026, 2027, and 2028, respectively. Similarly, Master Vessel Services Agreement caps are RMB600 m, RMB1 bn, and RMB2 bn, while Master Containers Services Agreement caps are RMB12.8 bn, RMB13 bn, and RMB13.5 bn for the same periods.

Additionally, COSCO Shipping Development entered into a Financial Services Agreement with COSCO SHIPPING Finance. Proposed annual caps for deposit services are set at RMB18 bn, RMB19 bn, and RMB20 bn for the years ending December 31, 2026, 2027, and 2028. The company will also seek shareholder approval for the appointment of Mr. Zheng Xiaozhe as a non-executive director at an upcoming Extraordinary General Meeting on December 15, 2025.