Cosco Shipping Development has announced that the company has entered into the sale and leaseback arrangement for four container ships via its subsidiary to provide funds and expand financing channels.

Cosco Shipping Development Company has signed a technical services agreement Cosco Shipping Lines for the supervision of six 21,000 teu and eight 13,500 teu newbuildings for a total of RMB34.4m ($5.2m).

Regional Container Lines (RCL) is splashing out $46m for two boxship newbuildings ordered in China.

The numbers of idle boxships has hit a five-year high, including a Maersk Triple E, as the container shipping industry’s woes mount.

The idle containership fleet has hit a year high, closing in on the 500,000 teu in capacity mark according to Alphaliner.

Warning that Malaysian ports are not immune to the ongoing global problem of mismatch in demand and sailing slot/capacity, NCB Holdings group md Abi Sofian Abdul Hamid told local media that the relevant quarters should have a long-term plan to meet this challenge head-on to ensure continued competitiveness.

Seaspan Corp has ordered seven containerships at yards in China and the Philippines for a total of $653.5m.

The idle containership fleet has fallen to a three-year low as port congestion in the Philippines and Tunisia soaks up tonnage.

China’s Sainty Marine has bagged a $280m order to build four 5,000 teu dual-fuel container vessels for a Germany’s Reederei NSB.