COSCO SHIPPING Development proposes major shipbuilding, renewed transactions

COSCO SHIPPING Development Co., Ltd. will hold an extraordinary general meeting on December 15, 2025, to approve several key proposals. These include the 2025 Second Batch Heavy Industry Shipbuilding Contracts, totaling approximately RMB7.337 bn, for 23 bulk carriers with a deadweight tonnage of 87,000. These vessels are expected to be delivered between May 2027 and the end of 2028 and will be subsequently leased to COSCO SHIPPING Bulk Co., Ltd. for 240 months, generating an estimated annual income of up to RMB549.971 m.

Shareholders will also vote on the renewal of several continuing connected transactions with COSCO SHIPPING. These include operating lease, shipbuilding services, container services, financing lease, comprehensive services, property lease, and management services agreements. Proposed annual caps for 2026-2028 reach up to RMB9 bn for operating lease services and RMB13.5 bn for container services (provided by the Group). The company will also renew its financial services agreement with COSCO SHIPPING Group Finance, with proposed annual caps for deposit services up to RMB20 bn by 2028.

Finally, shareholders will consider the appointment of Mr. Zheng Xiaozhe as a non-executive director. Mr. Zheng, 53, has extensive experience in the insurance and financial sectors, holding various management roles including general manager and chairman of COSCO SHIPPING Property & Casualty Insurance Co., Ltd. He is currently an independent non-executive director of China COSCO Shipping Energy Transportation Co., Ltd.