COSCO Shipping Development sets EGM to approve new director, $1bn bulk carrier order

COSCO Shipping Development announced its board of directors approved the nomination of Zheng Xiaozhe as a non-executive director, subject to shareholder approval at an extraordinary general meeting (EGM) on December 15, 2025. This EGM will also consider and approve shipbuilding contracts, including 23 87,000 DWT bulk carriers with Dalian COSCO Shipping Heavy Industry, valued at approximately RMB 7.337 bn. These vessels are expected to be delivered between May 2027 and late 2028.

Additionally, the EGM will address the renewal of several continuing connected transaction agreements with China COSCO Shipping Corporation Limited and its affiliates for 2026-2028. These include agreements for operating lease services, finance lease services, vessel services, container services, comprehensive services, property lease services, trademark usage licenses, and management services, with proposed annual caps increasing through 2028. The financial services agreement with COSCO Shipping Group Finance Co., Ltd. for deposit services, loans, and other services will also be reviewed, with a maximum deposit peak of RMB 20 bn by 2028.