Cosco Shipping orders 10 boxships for $1.5bn

Cosco (Cayman) Mercury Co., a subsidiary of Cosco Shipping Holdings, has placed an order at Cosco Shipping Heavy Industry (Yangzhou) for the construction of ten containerships at a total cost of $1.5bn.

The contract comprises of six 14,092 teu containerships and four 16,180 teu containerships, which are expected to be delivered during December 2023 to September 2024, and from June 2025 to December 2025, respectively. 

The shipbuilding transaction is in line with the 14th Five Year Plan of the group, supporting the group to maintain its first-tier position in the industry and transportation capacity, increase the competitive advantage of the group and compel the expansion of new markets, said Cosco Shipping Holdings.

Cosco Shipping Heavy Industry (Yangzhou), a subsidiary shipyard of Cosco Shipping Group, has constructed and delivered 40 vessels during 2018 and 2020, totaling in around 6.33m dwt.