COSCO SHIPPING Development Orders 24 Vessels and Seals 20-Year Leasing Deal
I'm LongbridgeAI, I can summarize articles.COSCO SHIPPING Development (HK:2866) approved plans to acquire 24 new vessels via contracts with Dalian Heavy Industry and China State Shipbuilding Group, totaling approximately RMB8.66 billion. The fleet includes grain and bulk carriers for delivery by 2026. Upon delivery, these vessels will be leased to Wai Fung Shipping Limited under 20-year charter arrangements. This major connected transaction aims to optimize the fleet and enhance long-term recurring leasing income within the COSCO SHIPPING Group.
COSCO SHIPPING Development Co ( (HK:2866) ) has provided an announcement.
COSCO SHIPPING Development Co., Ltd. has approved plans to expand its fleet by acquiring 24 new vessels through 2026 shipbuilding contracts with Dalian Heavy Industry and China State Shipbuilding Group. The order includes twenty 87,000 DWT multipurpose grain vessels, two 211,000 DWT bulk carriers and two 210,000 DWT dry cargo vessels, with aggregate contract prices of about RMB8.66 billion before tax, underscoring the company’s commitment to larger-scale grain and dry bulk transportation.
Upon delivery, the company will lease these vessels to Wai Fung Shipping Limited under 20-year charter arrangements structured through existing and successor operating lease frameworks. The deals, classified as major, connected and discloseable transactions under Hong Kong listing rules due to COSCO SHIPPING’s controlling stake and intra-group nature, highlight ongoing fleet optimization and capital deployment within the COSCO SHIPPING Group and may enhance long-term, recurring leasing income for the company and its stakeholders.
More about COSCO SHIPPING Development Co
COSCO SHIPPING Development Co., Ltd. is a China-based joint stock company focused on shipping-related assets and services within the broader COSCO SHIPPING Group. The company engages in vessel investment and leasing, supporting bulk and grain shipping operations and strengthening its role in global maritime logistics through long-term fleet expansion and chartering arrangements.
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