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Cosco Shipping to spend $1.57bn on ten 16,000 teu boxships

Photo: Cosco Shipping Lines cosco shipping lines_.jpg
Cosco Shipping Holdings announced that subsidiary OOIL has entered into a new shipbuilding contracts with domestic yards for the construction of ten 16,000teu containerships at a total cost of $1.576bn.

The vessels will be build by Dalian Cosco KHI Ship Engineering and Nantong Cosco KHI Ship Engineering, and are expected to be delivered between the fourth quarter of 2024 and the fourth quarter of 2025.

The transaction is in line with the 14th Five Year Plan of the OOIL Group, which could increase the fleet capacity of OOIL and consolidate its position in the first echelon of the industry, said Cosco Shipping Holdings.

The new vessels will be equipped with energy saving and emission reduction technologies, which will generate cost advantages as well as help in environmental protection. 

OOIL will also benefit from the optimization of its fleet structure and the reduction of its reliance on the vessel charter market.

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