On August 28, China State Shipbuilding Corporation Limited (“CSSC”) announced that its wholly-owned subsidiary, Waigaoqiao Shipbuilding, together with China Shipbuilding Trading Co., Ltd. (“CSTC”), had entered into a newbuilding contract with COSCO Asset Management Co., Ltd. (“COSCO Asset”) — or its designated wholly-owned single-vessel subsidiary — for 12 new 21,700-TEU LNG dual-fuel container vessels.
The announcement stated that the total contract value for the 12 LNG-fueled dual-fuel container ships, each with a capacity of 21,700 TEU, is $2.688 billion, with delivery expected between 2028 and 2030. At current exchange rates, this order is equivalent to approximately 18 billion yuan (about $2.675 billion).
The announcement disclosed that COSCO Asset is a wholly-owned subsidiary of COSCO Shipping Holdings Co., Ltd. (COSCO Shipping Holdings). COSCO Shipping Holdings is a key component of China COSCO Shipping Group’s core businesses, bringing together the best resources from the two major sectors of container shipping and terminal operations and management. Its fleet consistently ranks among the top tier in the global container shipping industry, and its terminal investment portfolio spans the five major port clusters along China’s coastline, as well as major overseas hub ports in the middle and lower reaches of the Yangtze River, Europe, the Mediterranean, the Middle East, Southeast Asia, South America, and Africa.
CSSC stated that the shipowner is a leading domestic shipping company. The signing of this contract represents a significant achievement in CSSC’s continued focus on the ultra-large container ship sector, further solidifying the company’s leading position in the global high-end shipbuilding market. It will help the company optimize its product mix, increase the proportion of high-value-added vessel types, and enhance its overall competitiveness and profitability.
According to incomplete statistics, including the 12 ultra-large container ships ordered by COSCO Asset, Waigaoqiao Shipbuilding has publicly announced more than 40 new ship orders this year, covering container ships, bulk carriers, cruise ships, oil tankers, and FPSO hulls.