The COSCO Group is in the final stages of securing a large-scale agreement for the construction of new container ships that will operate on liquefied natural gas (LNG). Negotiations are being held with the shipbuilding company Hudong-Zhonghua Shipbuilding, which is part of the Chinese corporation CSSC.
This is reported by Finway
Contract scale and ship specifications
According to industry sources, a series of up to 12 container ships with a capacity of 14,000 TEU each is under discussion. The estimated cost of each vessel ranges from 170 to 190 million dollars, and the total contract amount could reach 2-2.3 billion dollars. It is expected that these new ships will join the fleet of OOCL, which is also part of the COSCO Group.
“This concerns a series that includes up to 12 vessels with a capacity of 14,000 TEU, costing around 170-190 million dollars each, thus the total contract amount could be approximately 2-2.3 billion dollars. Sources suggest that the new builds may replenish the OOCL fleet.”
COSCO’s position in the global market
Taking into account the company OOCL, COSCO currently owns the fourth largest container fleet in the world: it has approximately 555 vessels with a total capacity of 3.6 million TEU. If the new agreement is realized, the group’s order book will exceed 120 vessels with a total capacity of over 1.4 million TEU.