COSCO shipping development expands fleet with new tankers and bulk carriers

COSCO Shipping Development has announced an investment of CNY 508.68m (excluding tax) for its subsidiary, Hainan COSCO Shipping Development, to build six 307,000 DWT VLCC crude oil tankers with Dalian Shipbuilding Industry. Deliveries are scheduled between April 2027 and November 2028. These tankers will be long-term bareboat chartered to COSCO Shipping Energy Transportation with a hybrid rental structure.

Additionally, Hainan COSCO Shipping Development will commission Dalian COSCO Shipping Heavy Industry to construct 23 87,000 DWT bulk carriers for CNY 733.70m (excluding tax), with deliveries expected from May 2027 to December 2028. These bulk carriers will also be bareboat chartered long-term to COSCO Shipping Bulk. Both transactions were approved by the board, with the bulk carrier deal requiring shareholder approval due to related party status.

The company also renewed a series of related party agreements for 2026-2028 with COSCO Shipping Group and its affiliates, including operating and finance leases, ship services, container services, and financial services. The agreements outline annual transaction limits. The overall financial performance in the first three quarters of 2025 showed a gross operating revenue of CNY 19,565,615,760.18 and a net profit attributable to shareholders of CNY 1,390,749,407.45.