On January 13, COSCO Shipping Holdings announced the order for six 3,000 TEU container vessels. The announcement revealed that a wholly-owned subsidiary of COSCO Shipping Holdings signed a contract with COSCO Shipping Heavy Industry (Zhoushan) for the construction of six 3,000 TEU container vessels, with a total contract value of RMB 1.98 billion (approximately US$284 million).
The announcement disclosed that the two parties signed an agreement to order six new 3,000 TEU wide-body conventional fuel-powered container ships at a price of RMB 330 million each, which are scheduled to be delivered in batches between June and December 2028.
According to the announcement, this transaction constitutes a related-party transaction, as COSCO Shipping Heavy Industry (Zhoushan) is a wholly-owned subsidiary of China COSCO Shipping, the indirect controlling shareholder of COSCO Shipping Holdings. The purpose of this transaction is to enhance the fleet capacity of COSCO Shipping Holdings and support the global expansion of its container shipping operations.
The delivered vessels will be deployed for international regional feeder operations, providing stable capacity assurance for relevant routes while reducing vessel costs. This initiative will enhance the Group’s customer service capabilities in relevant regional markets, leverage the core competitive advantages of its dual-brand strategy, and create favorable conditions for achieving long-term development in emerging markets, regional markets, and third-country markets.
COSCO Shipping Holdings stated that while the transaction involves financing risks and potential risks from fluctuations in the shipping market, the company’s ability to respond flexibly to future market conditions keeps these risks within manageable limits. The transaction is not expected to have an adverse impact on the company’s financial position or operating results.