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Cosco splashes $1.5bn on ten boxships at CSHI

Chinese shipping giant Cosco has entered into contracts with affiliate shipbuilder Cosco Shipping Heavy Industry Yangzhou for the construction of 10 containerships.

Cosco is splashing out a total of $1.496bn, made up of $876m for six 14,092 teu boxships and $620m for four 16,180 teu boxhips.

The 14,092 teu vessels are scheduled to deliver between December 2023 to September 2024, and the 16,180 teu quartet are scheduled to be delivered from June 2025 to December 2025.

Cosco, currently the third largest line in the world according to Alphaliner, says it will finance 40% of the deal from its internal resources and will use bank borrowings for the other 60%.

According to VesselsValue, prior to this latest deal Cosco Shipping Heavy Industry Yangzhou had 29 vessels on its orderbook made up of 25 bulkers and four tankers. The online pricing portal shows the yard has previously only built six containerships, a series of 10,926 teu vessels for CMA CGM.

Plenty more boxship orders are currently under discussion with Asian yards. Splash reported earlier this week that Yang Ming, Ocean Network Express (ONE) and Maersk are all close to signing for more ships.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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