Cosco Shipping Specialized Carriers invests fleet expansion

The company will construct the four vessels at Mawei Shipyard in Fujian province at a total cost of around $98m, which are scheduled to be delivered during October 2025 and August 2026.

In recent years, asphalt carriers built before 2005 have been driven out of the core market due to the improvement on oil company standards and global green and low-carbon requirements.

“There are only twenty-one 7,000-9,000 dwt vessels less than 10 years in the market, accounting for just about 7%,” Cosco Shipping Specialized Carriers said. “The asphalt transportation market is now facing the situation of overall aging and capacity shortage especially in the high-end market, and the long-distance transport capacity supply also falls short of demands.”

To grab the current advantageous market, Cosco Shipping Specialized Carriers has decided to build the four new vessels to further optimize asphalt fleet.