China's COSCO Shipping Group, through its COSCO Shipping Development financial services arm, has placed orders for 42 new bulk carriers to be built by four local shipyards.
The orders encompass 35 bulk carriers of 80,000 DWT each and another seven vessels belonging to two other different series.
CSSC Chengxi Shipbuilding will construct 22 of the 80,000DWT vessels while subsidiaries of COSCO Shipping Heavy Industry will be responsible for the remaining vessels, which will include two 82,500DWT ships, thirteen 80,000DWT ships, and five 64,000DWT ships.
The newbuilding contracts have a combined estimated value of CNY5.832 billion (US$820 million) excluding taxes. Deliveries of all 42 ships is scheduled to take place between the fourth quarter of 2026 and the fourth quarter of 2027.
The 20 bulk carriers to be built by COSCO Shipping Heavy Industry's subsidiaries will be fitted with engines that can be configured to run on methanol fuel when it becomes commercially available in the future.