en.Wedoany.com Reported - COSCO Shipping Development Co., Ltd. has approved the order of 15 Newcastlemax bulk carriers with a total investment of RMB 7.92 billion (approximately USD 1.1 billion) to expand its ship leasing business portfolio.

Of these 15 vessels, 10 bulk carriers with a deadweight tonnage of 210,000 tons will be built by Shanghai Waigaoqiao Shipbuilding Co., Ltd., while the remaining 5 will be constructed by Nantong Xiangyu Shipyard. The ex-tax price per vessel is RMB 528 million.

According to the delivery schedule, the vessels built by Xiangyu Shipyard will be delivered between May and December 2030, followed closely by the series from Waigaoqiao Shipbuilding, which will be completed between June and December of the same year. All 15 vessels are designed with future provisions for conversion to methanol or ammonia propulsion.

COSCO Shipping Development plans to finance 25% of the investment through internal resources, with the remaining 75% covered by bank loans. These vessels will be long-term chartered to Wai Fung Shipping, a subsidiary of COSCO Shipping Bulk Co., Ltd., for a lease term of 20 years. The annual charter rate per vessel is capped at RMB 59.4 million excluding tax, an amount that already includes the potential costs of future dual-fuel conversion.

This order is part of COSCO Shipping's dry bulk fleet renewal program, which has previously encompassed the ordering and leasing arrangements of dozens of new vessels.