COSCO has announced a massive $1.75 billion shipbuilding initiative encompassing 29 ships, as the state-backed maritime powerhouse continues to pursue aggressive fleet renewal and expansion across diverse shipping sectors. The wide-ranging investment consists of 23 kamsarmax bulk carriers and six very large crude carriers (VLCCs), all of which are to be constructed at leading Chinese shipyards with deliveries scheduled between 2027 and 2028. According to filings by COSCO Shipping Development, which serves as the financial and leasing arm of China’s state-controlled shipping conglomerate, COSCO Shipping Heavy Industry (Dalian) will oversee the construction of the 87,000 DWT kamsarmax bulk carriers under contracts worth about $1.03 billion. Meanwhile, Dalian Shipbuilding Industry Corp (DSIC) will take charge of building six 307,000 DWT VLCCs, valued collectively at $715 million. The kamsarmax bulk carriers will be chartered for 20 years on bareboat agreements with COSCO Shipping Bulk, while the methanol- and LNG-ready VLCCs will be deployed on long-term leases with COSCO Shipping Energy Transportation. Deliveries of the newbuilds will begin in April 2027, continuing through Q4 2028. COSCO stated that the newbuilding program reflects its broader decarbonization and modernization strategy, which emphasizes energy efficiency, dual-fuel propulsion systems, and long-term internal charter structures to maximize fleet utilization and lower emissions across its global operations. COSCO Shipping Bulk, one of the world’s largest and most influential bulk carrier operators, plays a central role in the group’s dry bulk shipping strategy. Headquartered in Guangzhou, COSCO Shipping Bulk operates and manages a diversified fleet exceeding 400 ships, covering a wide range of tonnage segments including handysize, supramax, panamax, kamsarmax, and capesize bulk carriers. The company is a key player in the global transportation of major commodities such as coal, iron ore, grain, and bauxite, with extensive service routes linking Asia, South America, Australia, and Europe. COSCO Shipping Bulk’s chartering structure integrates both owned and controlled ships under long-term contracts, allowing the company to maintain stability in freight operations while flexibly responding to market volatility. In recent years, COSCO Shipping Bulk has also focused on environmental innovation, introducing dual-fuel capable newbuilds and retrofitting part of its existing fleet to comply with the International Maritime Organization’s decarbonization framework. The firm’s role within COSCO’s broader ecosystem ensures synergy between shipping, logistics, and energy transportation divisions, providing an integrated logistics chain that reinforces China’s global maritime influence. The latest shipbuilding investment follows several other major orders placed earlier this year, including ten newcastlemax bulk carriers and four asphalt carriers currently under construction at CSSC Qingdao Beihai, COSCO Zhoushan, and CSSC Huangpu Wenchong. Those ships are also being deployed under long-term charters across COSCO’s subsidiaries. This latest round of orders further cements COSCO’s fleet expansion blueprint announced last year, which spans various ship types and tonnage classes. It includes multiple ongoing newbuilding programs for newcastlemax and kamsarmax bulk carriers, as well as an ambitious series of up to 30 multipurpose ships. Through COSCO Shipping Bulk’s growing prominence and the parent group’s coordinated investment in cutting-edge ship designs, COSCO is solidifying its position as one of the most dominant and forward-looking players in global maritime transport. 1-November-2025
The Chinese state-owned shipping powerhouse Cosco Shipping Bulk—the dry bulk division of China COSCO Shipping Corporation Limited and one of the largest and most influential dry bulk ship operators in the world—has signed a landmark deal for the construction of 15 multipurpose grain transport ships, setting a new record as the largest single order of its kind ever placed in the grain shipping segment. This milestone order was announced on World Food Day, symbolizing China’s dedication to strengthening national food security through the modernization of its grain logistics and transportation infrastructure. The newbuilding agreement between China State Shipbuilding Corporation and Cosco Shipping Bulk is designed to support the development of an advanced, sustainable, and cost-efficient maritime grain transportation system that integrates environmental responsibility with operational excellence. Headquartered in Guangzhou, Cosco Shipping Bulk operates as a core subsidiary of China COSCO Shipping Corporation Limited, one of the world’s most comprehensive maritime conglomerates. Cosco Shipping Bulk manages a vast and diversified fleet of over 400 ships across capesize, panamax, ultramax, supramax, and handysize categories, with a combined deadweight exceeding 40 million DWT. The shipping giant serves major trade routes connecting Asia, the Americas, Africa, Europe, and Oceania, providing vital logistics services for the transportation of iron ore, coal, grain, fertilizers, and other essential commodities that underpin global trade and industrial production. Cosco Shipping Bulk has consistently been at the forefront of digitalization, environmental innovation, and operational efficiency in the dry bulk sector. Through its “Smart Shipping” initiative, the shipowner and operator has invested heavily in advanced data analytics, intelligent fleet management systems, and fuel optimization technologies to enhance safety, reduce emissions, and improve voyage performance across its global operations. The group’s expanding focus on sustainability aligns with China COSCO Shipping Corporation Limited’s broader green transition strategy, which aims to integrate carbon-reduction measures and next-generation fuel solutions throughout its global fleet. The newly ordered multipurpose grain transport ships are the product of extensive research and development efforts, specifically engineered to meet the complex logistical requirements of grain carriage. These ships are designed with features that improve cargo handling efficiency, reduce fuel consumption, and ensure the safe and stable transport of agricultural commodities under varying climatic and sea conditions. Cosco Shipping Bulk stated that the next-generation multipurpose grain transport ships will not only optimize the flow of China’s grain imports and domestic distribution but will also contribute to the global objective of developing cleaner and more resilient maritime logistics systems. As a crucial link between agricultural producers and consumers, the operational reliability and sustainability of these ships will enhance the efficiency of the national grain supply chain and play a pivotal role in securing long-term food stability. Under the guidance of China COSCO Shipping Corporation Limited, Cosco Shipping Bulk continues to evolve as a global maritime leader, blending state-backed resources with commercial agility. The Hong Kong-listed parent group, with operations spanning container shipping, logistics, terminals, and finance, has positioned Cosco Shipping Bulk as its flagship entity for bulk logistics and raw material transport. The group’s global footprint includes partnerships with major industrial clients, port operators, and logistics providers, making it one of the most integrated shipping networks in the world. The record-setting order of 15 multipurpose grain transport ships reinforces Cosco Shipping Bulk’s strategic vision to expand its leadership in the dry bulk and agricultural logistics sectors while advancing technological innovation, environmental protection, and national economic resilience. Through this initiative, Cosco Shipping Bulk not only underscores its commitment to China’s grain security strategy but also strengthens its role as a key player driving the modernization of global maritime transport in an era of rapid decarbonization and digital transformation. 24-October-2025
The Chinese state-owned shipping giant Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited and one of the world’s largest dry bulk operators with a fleet spanning capesize, panamax, ultramax, and handysize segments, is actively seeking buyers for two of its unwanted logger bulk carriers as part of a broader strategy to streamline operations and concentrate on higher-capacity assets, with the shipowner and operator currently managing and operating a fleet of more than 400 dry bulk ships totaling over 42 million DWT; Cosco Shipping Bulk (Cosbulk), based in Guangzhou and known for its central role in China’s global dry bulk trade logistics, is inviting offers through the Guangzhou Shipping Exchange (GSE) for the 2010-built 32K DWT handysize logger bulk carriers MV Cosco Wuyishan and MV Cosco Jinggangshan, which no longer align with its strategic focus on large-scale tonnage and higher-efficiency shipping segments; Cosco Shipping Bulk (Cosbulk), which integrates shipping, logistics, and terminal services under China COSCO Shipping Corporation Limited’s vast maritime network, continues to adjust its fleet composition in line with market dynamics, regulatory developments, and evolving customer demands, positioning itself as a key facilitator of China’s commodity import and export flows across global trade lanes while prioritizing modern, fuel-efficient ships capable of meeting international environmental and performance standards. 6-August-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited and one of the world’s largest dry bulk operators with a fleet spanning capesize, panamax, ultramax, and handysize segments, has initiated a 14-ship newbuilding campaign at domestic shipyards as part of its aggressive long-term fleet renewal and expansion strategy aimed at strengthening its leadership position in global dry bulk logistics; the newbuilding initiative is being executed through COSCO Shipping Development, the group’s financing and leasing arm, which has placed orders for 10 newcastlemax bulk carrier newbuildings, including 4 at CSSC Qingdao Beihai Shipbuilding at an estimated $73.5m per unit excluding tax and 6 additional newcastlemax bulk carrier newbuildings at COSCO Shipping Heavy Industry’s Zhoushan shipyard, all of which are scheduled for delivery between Q4 2027 and Q1 2028 and will be chartered for approximately 20 years to Cosco Shipping Bulk, which currently manages and operates a fleet exceeding 400 dry bulk ships with a combined capacity of more than 42 million DWT, providing global transportation solutions for major commodities such as coal, grain, iron ore, and bauxite; in parallel, COSCO Shipping Development has commissioned four 9,000 dwt asphalt carriers from CSSC Huangpu Wenchong at around \$28m each excluding tax, which will be chartered under a 15-year period to COSCO Shipping Specialized Carriers, a rapidly growing unit within the COSCO group responsible for the transport of high-value industrial cargo including infrastructure equipment, wind turbines, and heavy machinery, and whose current diversified fleet exceeds 140 ships with plans to reach over 10 million DWT by 2026; this latest round of investment follows Cosco Shipping Bulk’s previously announced multipurpose newbuilding program for up to 30 ships and reflects its strategic vision to modernize its fleet, enhance environmental performance, and align with China’s Belt and Road Initiative by supporting global industrial supply chains; further diversifying its portfolio, COSCO Shipping Development is also pursuing a \$360m sale and leaseback deal for a 271,000 cubic meter QC-Max LNG carrier under a 20-year lease term, highlighting the group’s continued focus on asset optimization and capital-efficient growth across bulk, energy, and specialized shipping segments. 30-July-2025
BHP has entered into five-year charter agreements with COSCO Shipping Bulk for two ammonia dual-fuelled newcastlemax bulk carriers. The two 210K DWT ammonia dual-fuelled newcastlemax bulk carriers, scheduled for delivery beginning in 2028, will primarily be deployed to transport iron ore from Western Australia to China. BHP vice president of maritime and supply chain excellence, Emma Roberts, stated that this investment is aimed at accelerating the development of alternative fuel technology, stimulating the demand for ammonia as a marine fuel, and contributing to the reduction of greenhouse gas emissions across the maritime supply chain. She emphasized that as one of the world’s largest dry bulk charterers, BHP sees this initiative as a critical step toward establishing ammonia as a viable marine fuel in a globally essential sector where emissions are traditionally difficult to abate. COSCO Shipping Bulk vice president, Ji Lin, highlighted ammonia’s potential as a zero-carbon marine fuel and noted that these new bulk carriers will represent a major leap forward in both technological innovation and environmental stewardship—not only for COSCO Shipping Bulk and BHP but for the dry bulk sector as a whole. COSCO Shipping Bulk, a subsidiary of China COSCO Shipping Corporation Limited, is one of the world’s largest dry bulk shipping operators with a fleet of hundreds of bulk carriers spanning capesize, panamax, supramax, and handysize segments. The company plays a critical role in China’s industrial supply chain and global trade routes, actively engaging in the adoption of low-carbon technologies and long-term charter partnerships to promote sustainable maritime practices. Ji Lin reaffirmed the deal as a strong endorsement of global climate goals and a direct contribution to China’s dual-carbon strategy aimed at reaching peak carbon emissions before 2030 and achieving carbon neutrality by 2060. 2-July-2025
COSCO Shipping Specialized Carriers has entered into an agreement with Bank of Communications Financial Leasing (BoComm Leasing) to acquire 6 multipurpose heavy lift ships. The Shanghai-listed arm of COSCO Shipping Group, which manages a diversified fleet of over 150 ships, has committed to 60K DWT multipurpose heavy lift ships that will be built at CSSC-affiliated Chengxi Shipyard. Under the terms of the deal, COSCO Shipping Specialized Carriers will bareboat charter the 6 multipurpose heavy lift ships for a period of approximately 16 years, with annual payments of about $19.4 million, totaling around $310 million. COSCO Shipping Specialized Carriers has previously engaged in several leasing transactions with Bank of Communications Financial Leasing (BoComm Leasing) and other Chinese lessors to support the expansion of its fleet tailored to specialized shipping requirements, such as heavy lift and pulp carrier operations. In Q1 2025, COSCO Shipping Specialized Carriers outlined its intention to add more than 50 ships, including car carriers, multipurpose ships (MPP), and heavy lift ships by Q4 2025, in response to growing demand for transporting wind power components, port handling equipment, and other specialized cargo. 10-June-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited and one of the world’s largest operators of dry bulk tonnage with a fleet covering capesize, panamax, ultramax, and handysize segments, through its subsidiary company Refined Success, chartered in one newcastlemax bulk carrier and one post-panamax bulk carrier from Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX); Cosco Shipping Bulk subsidiary Refined Success chartered in the 2012-built newcastlemax bulk carrier 206K DWT MV Philadelphia until June 2026 at a daily rate of $21,500, with extension options available from 8 August 2026, and is scheduled to take delivery of the newcastlemax bulk carrier MV Philadelphia on 29 May 2025, while the same ship had previously been chartered by CEO Semiramis Paliou-led Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) to Nippon Yusen Kaisha (NYK) at a rate of $22,500 per day; additionally, Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) chartered out the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra to Singapore-based shipowner and operator SwissMarine Pte Ltd for a daily rate of $9,750 following the conclusion of the post-panamax bulk carrier MV Phaidra’s previous charter with Athens-based ship operator Aquavita International at a rate of $12,000 per day, with the new charter period commencing on 31 May 2025 and running until 1 January 2026, and SwissMarine Pte Ltd retaining options to extend the charter until 8 February 2026, with both charter deals together expected to generate approximately $10 million in gross revenue for Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), which currently owns a fleet of 37 bulk carriers and has two methanol dual fuel kamsarmax newbuilds scheduled for delivery in 2027 and 2028, while Cosco Shipping Bulk, as a core business unit of China COSCO Shipping Corporation Limited, maintains an extensive global network with strategic partnerships and operates hundreds of ships, playing a central role in China’s raw materials supply chain and international dry bulk logistics. 28-May-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of COSCO, is expanding its order book with two newcastlemax bulk carrier newbuilds at CSSC Qingdao Beihai Shipbuilding, having booked two 209K DWT newcastlemax bulk carrier newbuilds with no disclosed price and delivery scheduled for Q4 2027; the Shanghai-based shipowner and operator Cosco Shipping Bulk initiated a large-scale newbuilding programme in the dry bulk segment in 2024, commissioning 42 newbuilds across its affiliated COSCO Shipping Heavy Industry and CSSC Chengxi Shipyard, followed by up to eight methanol- and ammonia-ready newcastlemax bulk carrier newbuilds also to be operated by Cosco Shipping Bulk, with deliveries spanning from Q2 2027 through Q4 2028; the latest two newcastlemax bulk carrier newbuilds ordered at CSSC Qingdao Beihai Shipbuilding include options for 10 additional newbuilds, and the Chinese state-owned shipping giant Cosco Shipping Bulk is reportedly considering further newcastlemax bulk carrier orders at a minimum of two other domestic shipyards; Cosco Shipping Bulk is one of the world’s largest dry bulk shipping operators, managing a fleet of over 400 bulk carriers, including capesize, panamax, ultramax, and handysize ships, with a total carrying capacity exceeding 40 million DWT, and plays a critical role in transporting major dry bulk commodities such as iron ore, coal, grain, and bauxite; Cosco Shipping Bulk operates globally with a strategic emphasis on integrating smart shipping technologies and enhancing its environmental sustainability profile through fuel-efficient designs, dual-fuel capabilities, and compliance with IMO decarbonisation targets; Cosco Shipping Bulk is also recognized for its long-term charter agreements with major mining and trading houses and for maintaining a dominant presence in key global trade routes connecting Asia, Australia, Brazil, and West Africa. 12-May-2025
Shipping has spent the weekend reacting to developments from the United States, where softened plans to impose additional charges on China-linked ships making American port calls have sparked strong backlash in China and Hong Kong, while also causing unease among members of the Ocean Alliance, a major consortium in the container shipping sector. The document issued by the US Trade Representative (USTR) has been closely examined by the global shipping community and has drawn criticism for its vague language. The US Trade Representative (USTR) announcement, while detailed, has been criticized for being poorly worded and leaving several key points open to interpretation. Under the new rules, disclosed late last Thursday by the US Trade Representative (USTR), non-Chinese shipowners will be required to pay the greater of two calculated charges: a tonnage-based fee that starts at $18 per net ton on October 14, 2025, and increases to $33 per net ton by April 17, 2028, or a container-based fee that begins at $120 per container discharged on October 14, 2025, and rises to $250 per container by April 17, 2028. In addition, non-US-built ships carrying vehicles will be charged $150 per vehicle. These fees will be applied once per voyage on impacted ships, up to a maximum of six times per year. Temporary exemptions—lasting up to three years—may be granted if the shipowner orders and receives a US-built ship of equal or greater net tonnage. Exemptions also apply to smaller ships, ships operating on domestic routes or in the Caribbean and Great Lakes, and specific specialized ship types. Empty bulk carriers entering US ports to load exports such as wheat and soybeans are also excluded. Container ships with a capacity below 4,000 TEU and voyages under 2,000 nautical miles are exempt as well. Chinese shipowners and operators, however, are expected to face significantly higher charges, starting at $50 per net ton, with an annual increase of $30 per ton over the next three years. According to Clarksons, based on 2024 port call data, only 7% of containerships would fall under the new fee structure, a sharp decline from 83% under the original US Trade Representative (USTR) proposal introduced in February 2025, which was widely criticized during a public hearing in March. Across all shipping categories, only 9% of 2024 port calls would be affected under the revised framework, compared to 43% in the initial plan. The new policy is expected to have minimal impact on exports of US crude oil, refined products, LNG, LPG, chemicals, coal, and grains. Containers may experience limited disruption, though less than initially feared, while car carriers will be more affected as all foreign ships will be subject to a $150 per CEU port fee. The targeted nature of the fees on Chinese ship operators may result in notable shifts within transpacific liner trade routes. China’s COSCO and OOCL, which are part of the Ocean Alliance alongside France’s CMA CGM and Taiwan’s Evergreen, are directly affected. Hede Shipping, a smaller independent Chinese ship operator, is also impacted. According to estimates by Sea-Intelligence, a Danish liner consultancy, these three Chinese companies could face US port charges of up to $10 million when the US Trade Representative (USTR) fees are fully implemented, potentially prompting the Ocean Alliance to restructure by assigning CMA CGM and Evergreen to manage US-bound services while reallocating COSCO and OOCL to Asia-Europe routes. The World Shipping Council (WSC), a prominent shipping industry lobbying group, has criticized the newly introduced charges, particularly those levied on car carriers. The World Shipping Council (WSC) stated that the US Trade Representative (USTR)’s port fee policy is counterproductive, as it would lead to increased consumer prices, weaken American trade competitiveness, and fail to support the revitalization of the US maritime industry. The World Shipping Council (WSC) argued that the tonnage-based structure disproportionately penalizes larger and more efficient ships. Additionally, the organization expressed concerns over the new, previously unannounced fee tied to car equivalent unit (CEU) capacity, warning that it would hinder US economic growth and raise vehicle prices for consumers. The World Shipping Council (WSC) also raised legal concerns, suggesting that the proposed charges may exceed the authority outlined in existing US trade law. The Chinese government, along with Chinese shipbuilding and shipping associations and COSCO, have all denounced US President Donald Trump’s port fee measures. The national shipbuilding association of China urged the global maritime sector to oppose what it called a short-sighted move by the US and to protect a fair and open market environment. The China Shipowners Association described the US measures as highly discriminatory and rejected the accusations made by the US as being based on misinformation and prejudice. COSCO, a major Chinese shipping company, asserted that the new fees disrupt fair competition and undermine the normal order of the global shipping sector. COSCO warned that such actions distort market competition, interfere with the proper functioning of the global maritime industry, and pose risks to the long-term stability, resilience, and security of global supply and industrial chains. The Ministry of Commerce in Beijing pledged to take firm and appropriate actions to defend China’s interests, declaring that the new fees reveal the true nature of unilateralism and protectionism by the US, and represent a clear example of non-market behavior. In Hong Kong, which hosts the world’s fourth-largest shipping register, shipowners are now reconsidering their flagging options. The Hong Kong government stated that, despite the US’s coercive actions, it will continue cooperating with the international maritime community to support free trade and foster the healthy development of the global shipping industry. Shipping companies incorporated in Hong Kong, Shanghai, or elsewhere in China are now compelled to explore alternative strategies. 22-April-2025
The United States is set to implement fees on Chinese-built ships that call at American ports, regardless of who owns them, in a long-anticipated move closely watched by the global shipping industry. A slight relief for non-Chinese shipowners is that the final regulation is less stringent than the originally proposed flat fee of $1.5 million per port call. In contrast, Chinese shipowners may now face significantly higher costs than initially expected, as the US President Donald Trump administration continues its policy of targeting China with economic penalties. Non-Chinese shipowners will incur whichever is higher between two calculated fees: a tonnage-based charge beginning at $18 per Net Ton (NT) on October 14, 2025, increasing to $33 per Net Ton by April 17, 2028, or a container-based charge starting at $120 per container on October 14, 2025, rising to $250 per container by April 17, 2028. Ships transporting cars that are not built in the US will be subject to a $150 fee per vehicle. LNG carriers will be required to transport 1% of US LNG exports using US-built, operated, and flagged ships within four years, a figure that will increase to 4% by 2035 and to 15% by 2047. These fees will apply once per voyage, capped at six times annually. A temporary suspension of the fees, for up to three years, may be granted if the shipowner orders and receives a US-built ship with equal or greater Net Tonnage. Exemptions exist for smaller ships, domestic routes including those to the Caribbean and within the Great Lakes, and certain specialized ship types. Bulk carriers arriving empty to load US exports like wheat or soybeans are also exempt. The policy, announced on 17 April 2025, does not apply to container ships with a capacity under 4,000 teu or to voyages under 2,000 nautical miles. Chinese shipowners and Chinese operators appear set to bear significantly higher expenses, starting with a $50 per Net Ton fee that will increase by $30 annually through 2027. In container shipping, Chinese operators such as COSCO and OOCL often run vessels of about 13,000 teu on the transpacific, equating to around 60,000 Net Tons (NT), which could result in fees of approximately $8.4 million per ship. The new US regulations do not include a cap on charges, unlike the previous plan which imposed a $1 million maximum. Ships and shipping remain essential to US economic security and the stability of trade flows. The US President Donald Trump administration’s initiative aims to counter China’s maritime dominance, secure the US supply chain, and signal stronger demand for domestically built ships. Continuing its push against Chinese maritime infrastructure, the US Trade Representative (USTR) has scheduled a hearing for 19 May 2025 on proposed 100% tariffs on ship-to-shore cranes, container chassis, and related parts. While the US President Donald Trump administration’s move received praise from US steel and shipbuilding unions, it raised concerns among many shippers, especially as transpacific trade is already under strain due to the ongoing US-China trade war. In the near to mid-term, these developments may lead to higher freight costs, reduced competitiveness of US exports, and shifts in global trade routes. Without simultaneous investment in US shipbuilding and clearer policy direction, the likelihood of trade disruptions and inflationary impacts will remain high. 18-April-2025
The US is contemplating imposing substantial fees on Chinese-built ships docking at its ports and restricting Chinese ownership of terminals within the country. The United States Trade Representative (USTR) has presented strategies to counter China’s dominance in the maritime sector, especially in shipbuilding, following an extensive investigation initiated by the Joe Biden administration. With Joe Biden’s successor, Donald Trump, back in office, it’s now up to him to decide whether to implement the recommendations from the United States Trade Representative (USTR). One proposal from the United States Trade Representative (USTR) includes imposing port fees of up to $1.5 million per visit for Chinese-built ships, affecting any ship operator with at least one Chinese-built vessel in their fleet or on order. The United States Trade Representative (USTR) report accuses Beijing of maintaining artificially low labor costs, enforcing technology transfers, and intellectual property theft. A spokesperson from China’s Ministry of Commerce in Beijing argued that these US measures would neither rejuvenate its shipbuilding industry nor increase shipping costs, potentially worsening domestic inflation, diminishing the global competitiveness of US goods, and harming the interests of US port operators and dockworkers. In an effort to revive its declining shipbuilding industry, the US has started engaging with Korean and Japanese shipbuilders. One of Donald Trump’s initial actions upon returning to power was to apply a universal 10% tariff on Chinese imports. Further recommendations from the United States Trade Representative (USTR) to regain maritime control include encouraging more use of American-flagged ships, with an aim to shift 1% of US export products to US-flagged vessels operated by American companies, increasing to 5% in three years, and reaching 15% in seven years. This approach could significantly raise costs for US importers and reduce the competitiveness of US exports. Donald Trump now faces the decision to implement the USTR’s suggestions. Additionally, a recent executive order could terminate Chinese investments in American ports. The new America First Investment Policy under the Trump administration asserts that the US should prevent Chinese control over critical US infrastructure, including shipping terminals. China’s state-run COSCO, the world’s largest shipping company, which has port interests in Long Beach through its subsidiary OOCL, was recently added to a Pentagon blacklist during the final weeks of the Biden administration. Although being on this list carries no immediate penalties, it serves as a deterrent for US companies from engaging with these entities, which are considered by Washington to be linked to the People’s Liberation Army. 24-February-2025
Chinese state-owned shipping behemoth COSCO’s project carrier arm Cosco Shipping Specialised Carriers is forecasting a significant profit increase of up to 60% for 2024, fueled by robust global trade and strong demand for its specialized vessels. The Shanghai-listed company expects its net profit for the previous year to rise by 40% to 60%, reflecting the favorable conditions in the shipping market. However, the company noted that its 20% stake in China’s Total Lubricants is negatively impacting its overall profitability. Despite this, Cosco Shipping Specialised Carriers projects a net profit of approximately CNY 1.5 billion, underscoring its strong performance in the specialized shipping sector. Chinese state-owned shipping behemoth Cosco Shipping Bulk, the dry bulk arm of Cosco Shipping Lines, continues to expand its newbuilding initiative with an agreement to construct up to eight newcastlemax bulk carriers at its group shipyard, COSCO Shipping Heavy Industry Yangzhou. Although the financial details remain undisclosed, the arrangement includes three confirmed and five optional 210K DWT newcastlemax bulk carrier newbuilds, all of which will be operated by Cosco Shipping Bulk. These vessels are designed to be methanol- and ammonia-ready, with scheduled deliveries ranging from August 2027 to November 2028. Previously, in August 2024, Cosco Shipping Bulk commissioned eight newcastlemax bulk carriers at Jiangsu Hantong, with deliveries planned between 2027 and 2028, each valued at $80 million. By January 2025, COSCO, recognized as the world’s largest shipping entity, through its dry bulk division Cosco Shipping Bulk, announced the procurement of two 325K DWT methanol dual-fuel Very Large Ore Carriers (VLOCs) at COSCO Yangzhou. This announcement was closely followed by market speculations of an intensified newbuilding campaign in May, soon after the Shanghai-listed shipowner and operator China Merchants Energy Shipping (CMES) initiated its own newcastlemax shipbuilding project. This sequence of expansions culminated in Cosco Shipping Bulk’s most substantial shipbuilding commitment to date, entailing an order for 42 bulk carriers valued at over $1.8 billion, and the latest transaction involving an order for 10 kamsarmax bulk carrier newbuilds at Jiangsu Hantong Group. These strategic moves underscore Cosco Shipping Bulk’s ongoing efforts to modernize its fleet and enhance its operational capabilities in the global shipping market. Cosco Shipping Bulk is part of the larger COSCO Shipping Corporation Limited, which is one of the world’s leading providers of integrated global freight services. The company’s extensive operations include the transportation of dry bulk goods such as iron ore, coal, and grains, along with other general cargoes. Cosco Shipping Bulk operates one of the largest dry bulk fleets globally, with a significant number of vessels that exemplify modern shipping architecture and eco-friendly technologies designed to minimize environmental impact. Chinese shipping giant Cosco Shipping Bulk’s strategic focus on expanding its fleet with methanol and ammonia-ready vessels reflects its commitment to sustainability and its proactive approach to forthcoming international regulations aimed at reducing maritime emissions. Cosco Shipping Bulk’s investment in advanced fuel technologies is aligned with the global maritime industry’s shift towards more sustainable operations. Moreover, Cosco Shipping Bulk benefits from COSCO’s comprehensive network, which includes logistics services, terminal management, and ship repair and building facilities, enabling synergies that enhance operational efficiencies across its various business units. This integrated business model allows Cosco Shipping Bulk to maintain a competitive edge in the logistics and transportation sectors, ensuring the company remains at the forefront of global trade facilitation. Cosco Shipping Bulk’s continued growth and expansion into new vessel types and technologies are pivotal parts of its long-term strategy to navigate the complex dynamics of global shipping markets and to meet the increasing demand for environmentally responsible and economically viable shipping solutions. As it moves forward, Cosco Shipping Bulk remains a key player in the industry, set on strengthening its market position and furthering its contributions to global shipping and trade. 26-January-2025
China has solidified its position as the top shipowning nation globally, according to senior analyst Rebecca Galanopoulos. She noted that China not only leads in the number of vessels but has also surpassed Japan with the most valuable fleet, valued at $255 billion. Galanopoulos also pointed out a “notable entry” by Switzerland into the top 10, with a fleet value of $68 billion, highlighting significant shifts in asset values and ownership dynamics over the past year. She explained that China’s dominance is bolstered by owning the most valuable bulker and container fleets, valued at $68.4 billion and $63.5 billion, respectively. These values have increased due to improved market fundamentals, driven by the crisis in the Red Sea and higher tonne-mile demand as vessels reroute around the Cape of Good Hope to avoid conflict areas. Galanopoulos provided an example of the increased valuation, noting that 20-year-old Capesize bulk carriers are now 27% more valuable than last year, priced at $17.6 million. Similarly, container ships of the same age with a capacity of 1,750 TEU have seen a dramatic 172% increase in value over 12 months, from $5.97 million to $16.23 million. Additionally, China leads in tanker ownership with 1,764 vessels valued at $47.9 billion. Japan remains a significant player, with its total fleet value rising from $206.3 billion to $231.3 billion at the start of 2025, driven by substantial investments and additions of nearly 60 bulk carriers. Bulk carrier values have been near 15-year highs throughout 2024. While China has more tankers, the value of the Greek tanker fleet is higher at $71.3 billion, exceeding China by $23.3 billion. Galanopoulos cited geopolitical factors, such as the Red Sea conflict and Russian sanctions, as contributing to increased tonne-mile demand, supporting tanker earnings and values. For instance, 10-year-old LR1s with a 75,000 dwt reached a 15-year high at the end of 2024, growing from $38.27 million to $43.85 million, an increase of nearly 15%. Following in the rankings are the US, Singapore, South Korea, the UK, and Norway. Switzerland’s re-entry into the top 10 is attributed to strengthening container ship values and continued investments by MSC Mediterranean Shipping Co., which added 63 secondhand vessels and placed 64 new orders for ultra-large container ships and Panamaxes in 2024. Germany closes the list at number ten, experiencing a decline in global ranking for the second year, falling from ninth place. Despite ranking second in the number of container ships, in monetary terms, Germany’s container fleet ranks fifth, valued at $27.7 billion. 24-January-2025
COSCO, the largest shipping company in the world, has responded to its recent addition to a list by the US Department of Defense, which is said to link the firm to the People’s Liberation Army. Although being on the Pentagon’s blacklist does not impose direct penalties, it does discourage US companies from engaging with listed firms considered to be military entities. In its defense, COSCO clarified that the specific subsidiaries mentioned, such as Cosco Shipping Bulk from Cosco Shipping Lines, are not affiliated with the Chinese military. The Beijing-based shipping behemoth is actively engaging with relevant US authorities to rectify misconceptions. Cosco Shipping Bulk, the dry bulk division of COSCO, is a crucial segment of COSCO’s operations, specializing in the transportation of bulk cargo such as coal, iron ore, and grains. This division operates a fleet that includes a variety of bulk carriers, ranging from smaller handysize vessels to the larger capesize ships, which are essential for long-haul bulk commodity transportation. With its modern and diverse fleet, Cosco Shipping Bulk is well-positioned to capitalize on global trade flows, enhancing COSCO’s ability to offer comprehensive logistics and transportation solutions across the globe. COSCO emphasized that being named on this list does not equate to being part of any sanctions or export control lists, and affirmed that its operations and business globally would remain unaffected. COSCO pointed out that inclusion on the Pentagon’s China military list does not lead to significant disruptions since it does not involve any formal penalties, except that the US military cannot use COSCO for transporting cargo. Despite the lack of sanctions on COSCO and other companies on the list, there is a risk of ‘self-sanctioning’ by market participants wary of contravening US policies. Moreover, Cosco Shipping Bulk has been proactive in adopting eco-friendly practices and technologies. Cosco Shipping Bulk has been involved in several initiatives aimed at reducing the environmental impact of its operations, including investing in newer, more fuel-efficient ships and retrofitting older vessels with cleaner technology to comply with international emissions standards. This commitment to sustainability not only helps in reducing operational costs but also positions Cosco Shipping Bulk as a leader in the green transition within the dry bulk shipping sector. Also included on the Pentagon’s blacklist are prominent Chinese entities such as China State Shipbuilding Corp (CSSC), the leading shipbuilder, and China National Offshore Oil Corporation (CNOOC), the foremost offshore explorer. Other maritime firms labeled as military entities include China International Marine Containers (CIMC), the top container producer, China Communications Construction Group, a significant global port builder, and Sinotrans & CSC Holdings, one of China’s principal shipowners. Previously, in 2019, COSCO faced sanctions from Washington when its tankers were temporarily penalized for transporting Iranian oil, an incident that caused rates for Very Large Crude Carriers (VLCC) to soar to $200,000 per day. The resilience and strategic planning displayed by Cosco Shipping Bulk and the broader COSCO organization during such turbulent times underscore their importance in the global maritime industry. 23-January-2025
The Chinese state-owned shipping titan, Cosco Shipping Bulk, the dry bulk division of COSCO, is aggressively advancing its extensive newbuilding program in the dry bulk sector. Cosco Shipping Bulk has formed a partnership with Everbright Financial Leasing for the construction of 10 kamsarmax bulk carriers at Jiangsu Hantong Ship Heavy Industry. The financial specifics and delivery timelines for these 82K DWT kamsarmax bulk carrier newbuilds, which will be leased to entities within Cosco Shipping Bulk, remain undisclosed. This recent arrangement is part of a broader expansion strategy, following closely on the heels of COSCO’s substantial shipbuilding commitment of 42 bulk carriers valued at over $1.8 billion, distributed among its associated shipyards, COSCO Shipping Heavy Industry and CSSC Chengxi Shipyard, in September, along with the procurement of eight newcastlemax bulk carriers at Jiangsu Hantong in August 2024. Cosco Shipping Bulk, a subsidiary of the global maritime conglomerate COSCO Shipping Group, specializes in the transportation of dry bulk cargo, including iron ore, coal, grain, and other commodities essential to global trade. With its headquarters in Shanghai, Cosco Shipping Bulk operates one of the largest dry bulk fleets in the world, comprising various vessel types that cater to different cargo specifications and port requirements. As a state-owned enterprise, Cosco Shipping Bulk benefits from strong governmental support and access to capital, which facilitates its expansive fleet development programs and strategic partnerships, like that with Everbright Financial Leasing. These collaborations are critical to sustaining its fleet expansion and modernization strategies, aimed at enhancing operational efficiency and environmental compliance. Moreover, Cosco Shipping Bulk is committed to adopting greener technologies and practices across its operations. This includes investing in newbuilds that are capable of using alternative fuels such as methanol and ammonia, aligning with international maritime regulations on emissions. Such initiatives not only demonstrate Cosco Shipping Bulk’s commitment to environmental stewardship but also position the company as a leader in the transition towards more sustainable maritime transport solutions. Cosco Shipping Bulk’s aggressive expansion and modernization of its fleet are integral components of its strategy to maintain a competitive edge in the global shipping market. This strategy not only enhances Cosco Shipping Bulk’s capacity to meet the growing demand for maritime transport but also strengthens its role in supporting global supply chains in a more efficient and environmentally responsible manner. With each newbuilding program, Cosco Shipping Bulk cements its status as a key player in the maritime industry, poised to meet future challenges and capitalize on emerging opportunities. 1-January-2025
Cosco Shipping Bulk, the dry bulk division of Cosco Shipping Lines, has expanded its fleet with a significant newbuilding initiative in the dry bulk sector. This Chinese state-owned maritime behemoth has placed orders for 42 bulk carrier newbuilds through its subsidiaries COSCO Shipping Heavy Industry and CSSC Chengxi Shipyard in two distinct agreements valued at over $2 billion combined. COSCO Shipping Heavy Industry will oversee the construction of 20 new vessels, including five 64K DWT ultramax bulk carriers and thirteen 80K DWT kamsarmax bulk carriers. CSSC Chengxi Shipyard will construct the remaining twenty-two 80K DWT kamsarmax bulk carriers. This order is Cosco Shipping Bulk’s most substantial shipbuilding commitment to date, following closely on the heels of their acquisition of twelve 14K TEU methanol dual-fuel containerships and eight newcastlemax bulk carriers. The delivery of these new bulk carriers is scheduled for Q4 2026 and Q1 2027. All 42 new bulk carriers will be leased to entities within Cosco Shipping Bulk, further bolstering its position in the dry bulk segment of the maritime industry. 2-September-2024
Cosco Shipping Bulk, the dry bulk division of the Chinese maritime giant Cosco Shipping Lines, is expanding its fleet with the addition of eight newcastlemax bulk carrier newbuilds at the domestic shipyard Jiangsu Hantong, in a deal valued at approximately $640 million. Cosco Shipping Bulk, the dry bulk arm of the Chinese behemoth COSCO Shipping, has placed orders for 210K DWT newcastlemax bulk carriers at Jiangsu Hantong, with each vessel priced at $80 million. The newcastlemax bulk carrier newbuilds are scheduled for delivery between Q4 2027 and Q1 2028, further augmenting Cosco Shipping Bulk’s already extensive fleet of around 200 bulk carriers. In January 2024, Cosco Shipping Bulk announced orders for two 325K DWT methanol dual-fuel Very Large Ore Carriers (VLOCs) at its affiliated yard, COSCO Yangzhou. This was followed by market rumors in May 2024 of a newbuilding surge, coinciding with China Merchants Energy Shipping’s own newcastlemax shipbuilding program, which has already seen 12 bulk carriers confirmed in 2024. A noticeable trend in recent months has been the preference among shipowners to supersize their orders, opting for newcastlemax bulk carriers over the traditional 180K DWT standard capesize bulk carriers. This shift is particularly evident despite the overall capesize bulk carrier orderbook remaining low, signaling a strategic move by major players like Cosco Shipping Bulk to enhance their carrying capacity and operational efficiency. Cosco Shipping Bulk, as a key division of COSCO Shipping Lines, plays a pivotal role in the global dry bulk market. The company operates one of the largest dry bulk fleets in the world, with a diverse range of vessels capable of transporting various bulk commodities such as coal, iron ore, and grain. The company’s fleet includes a variety of vessel types, ranging from handysize to capesize and newcastlemax bulk carriers, enabling it to cater to a wide spectrum of shipping demands. As part of COSCO Shipping’s broader strategy, Cosco Shipping Bulk is focused on expanding and modernizing its fleet to maintain its competitive edge in the global market. The addition of these newcastlemax bulk carriers not only reflects the company’s commitment to fleet expansion but also aligns with its efforts to meet stricter environmental regulations. By investing in more fuel-efficient and technologically advanced vessels, Cosco Shipping Bulk is positioning itself to capitalize on the growing demand for sustainable shipping solutions. Cosco Shipping Bulk has also been actively involved in various global initiatives aimed at reducing the carbon footprint of the maritime industry. The company is committed to adopting alternative fuels and enhancing the energy efficiency of its fleet, which is evident in its recent orders for methanol dual-fuel VLOCs. These initiatives are part of Cosco Shipping Bulk’s long-term vision to support China’s leadership in green shipping and contribute to the global push for decarbonization in the maritime sector. The strategic focus on newcastlemax bulk carriers aligns with the global shipping industry’s ongoing efforts to optimize economies of scale and improve fuel efficiency, particularly as environmental regulations become increasingly stringent. By investing in larger and more advanced vessels, Cosco Shipping Bulk is positioning itself to continue its leadership in the dry bulk sector, while also supporting China’s broader goals of enhancing its maritime capabilities and reducing the environmental impact of its shipping activities. Overall, Cosco Shipping Bulk’s aggressive expansion and modernization strategies highlight its determination to remain at the forefront of the dry bulk industry, ensuring it continues to play a critical role in facilitating global trade and supporting the evolving needs of its customers. 21-August-2024
Cosco Shipping Bulk, the dry bulk division of the Chinese maritime giant Cosco Shipping Lines, has entered into a preliminary agreement with the Australian mining powerhouse Fortescue to establish a green fuel supply chain aimed at reducing pollution within the shipping industry. The partnership, formalized through a Memorandum of Understanding (MOU), focuses on the potential construction and operation of green ammonia-fueled bulk carriers. These vessels would be owned either solely by Cosco or jointly with Fortescue, designed specifically to transport iron ore and other minerals along the China-Australia iron ore green shipping corridor, thereby cutting down carbon emissions. Based in Shanghai, Cosco Shipping Bulk is dedicated to enhancing cooperation with global partners to promote sustainable and eco-friendly practices throughout the maritime industry’s lifecycle. This collaboration with Fortescue represents a significant advancement in the efforts to decarbonize shipping, aligning with Cosco Shipping Bulk’s ambitious goal to achieve net-zero Scope 3 emissions by 2040. Fortescue, recognized as the world’s fourth-largest iron ore supplier and an integrated green technology, energy, and metals company, has been actively seeking partnerships in China. Recent visits by Fortescue’s executives to China were aimed at discussing joint ventures, such as this green initiative with Cosco Shipping Bulk. Notably, Fortescue spearheaded the world’s first trial of using ammonia as bunker fuel in the port of Singapore, marking a milestone in the use of alternative fuels within the maritime sector. 29-July-2024
Cosco Shipping Bulk, the dry bulk arm of the Chinese shipping behemoth Cosco Shipping Lines, is making strategic moves by exploring its first newbuilding order in Japan in two decades. The company is actively seeking to contract a series of capesize bulk carriers, marking a significant shift in its procurement strategy, traditionally focused on domestic shipyards. Cosco Shipping Bulk has reached out to several Japanese shipyards, signaling a renewed interest in the Japanese maritime construction market. The company is enquiring about the availability of at least 10 shipbuilding slots specifically for 180K DWT capesize bulk carriers. This exploration has come as a surprise to the Japanese shipbuilding industry, which has grown accustomed to seeing Cosco favoring domestic options for its expansive fleet requirements. This strategic pivot towards Japanese shipyards could be indicative of Cosco Shipping Bulk’s broader objectives, possibly driven by technological advancements, competitive pricing, or specific capabilities offered by Japanese shipbuilders that align with Cosco’s operational needs and sustainability goals. This development is being closely watched by industry observers as it could herald a new era of Sino-Japanese cooperation in the maritime sector and influence future trends in global shipbuilding. 27-June-2024
Nantong Xiangyu Shipbuilding & Offshore Engineering has finalized an agreement to construct eight ultramax bulk carriers, each with a capacity of 64K DWT and prepared for methanol fuel, with Xiamen Jinxian and COSCO Shipping Bulk. The shipbuilder, Nantong Xiangyu Shipbuilding & Offshore Engineering, states that these methanol-ready ultramax bulk carriers will feature enhanced loading capacities and reduced fuel consumption compared to their counterparts both domestically and internationally, in addition to offering superior environmental benefits. The financial specifics of this agreement remain confidential. Presently, Nantong Xiangyu Shipbuilding & Offshore Engineering boasts over 100 ultramax bulk carrier orders, marking the highest number among all Chinese shipyards. 13-March-2024
The mining corporation Vale is supporting the second-ever order for dual-fuel Very Large Ore Carriers (VLOCs), with indications that the methanol-powered Guaibamax bulk carriers will be used for Vale’s shipments. Cosco Shipping Bulk has placed an order for two of these methanol dual-fuel VLOCs. These carriers, each with a capacity of 325,000 DWT and fueled by methanol, will be constructed by Cosco Shipping Heavy Industry Yangzhou. This makes Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Bulk the second entity to commission methanol dual-fuel VLOCs. The first company to do so was Shandong Shipping, which arranged for the construction of four new ships at Qingdao Beihai Shipbuilding Heavy Industry, backed by charter agreements with the Brazilian mining titan Vale. 3-January-2024
Electronic Bills of Lading (eBL) are now being utilized for energy transportation and bulk shipments, with Chinese shipping giant Cosco Shipping Bulk integrating with the blockchain platform Global Shipping Business Network (GSBN), headquartered in Hong Kong. Historically, bulk and energy shipments have predominantly depended on LOIs (Letters of Indemnity) to verify shipment ownership. These LOIs (Letters of Indemnity) authorized the release of cargo to the consignee when the Original Bill of Lading was not available. Chinese shipping giant Cosco Shipping Bulk has demonstrated that this outdated system can be modernized for today’s digital age. Recently, Cosco Shipping Bulk issued its inaugural Electronic Bills of Lading (eBL) for Yancoal, an Australian coal producer. This Electronic Bills of Lading (eBL) connected the entire business chain, encompassing banks, traders, miners, and end-users. Additionally, COSCO Energy released its first Electronic Bills of Lading (eBL) for a 30K mtons domestic marine oil shipment for the China National Offshore Oil Corporation this month. This Electronic Bills of Lading (eBL) received confirmation from both upstream and downstream entities and was returned to the COSCO Energy to finalize the release. This announcement marks a pivotal step for the consortium and the shipping industry’s digitization process. The successful creation of Electronic Bills of Ladings (eBLs) for bulk cargo and energy shipments will also pave the way for enhanced trade financing in the sector. Banks are keen on a unified platform to interact with all forms of Electronic Bills of Ladings (eBLs) and reliable shipping data. 27-September-2023
Cosco Shipping anticipates a significant decline of 74% in its earnings due to the downward trend in container rates. The prominent Chinese conglomerate, Cosco Shipping, acknowledges a shift in the balance between supply and demand within the shipping industry. Cosco Shipping Holdings foresees a substantial decrease in its interim earnings amid challenging market conditions. The publicly listed company, Cosco Shipping, based in Hong Kong and Shanghai, has stated that its net profit is projected to amount to CNY 19.66 billion. 6-July-2023
Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Specialised Carriers ordered twenty (20) wood-pulp carrier new buildings at three Chinese shipyards. Cosco Shipping Specialised Carriers will pay around $1 billion total for twenty (20) 85K DWT wood-pulp carrier new buildings. In Q1 2023, Cosco Shipping Specialised Carriers ordered twenty-four (24) PCTC (Pure Car Truck Carrier) new buildings at Chinese shipyards. Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Specialised Carriers will start taking delivery of twenty (20) wood-pulp carrier new buildings in H1 2026. 4-April-2023
Singapore-listed Cosco Shipping International reported revenue of $92 million for H1 2022. Singapore-listed Cosco Shipping International reported a net profit of $$4.4 million for H1 2022. Cosco Shipping International Singapore blamed the dumping of a 60% stake in the company’s dry bulk shipping subsidiary in December 2021. In December 2021, Chinese shipping giant Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. Currently, Singapore-listed Cosco Shipping International operates three (3) supramax bulk carriers. Cosco Shipping International Singapore sell-down witnesses profit dip. Singapore-listed Cosco Shipping International expresses that the existing core vessel repair and logistics businesses performed very well during H1 2022. Chinese shipping goliath Cosco Shipping Bulk is one of the largest dry bulk shipping players. Cosco Shipping Bulk controls a fleet of approximately 400 mixed bulk carriers. Singapore-listed Cosco Shipping International strives to become one of the foremost integrated logistics service providers in Southeast Asia. In December 2021, Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. 15-August-2022
Chinese shipping giant Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. Cosco Shipping Bulk spent around $42 million for a 60% stake of Cosco Shipping International. Currently, Singapore-listed Cosco Shipping International operates three (3) supramax bulk carriers. Singapore-listed Cosco Shipping International stated that the deal was part of a decision to expand priority on the company’s core business. The dry bulk shipping industry is complementary to the Cosco Group’s core logistics business Furthermore, Chinese shipping giant Cosco Group has ship repair and marine engineering services. Chinese shipping giant Cosco Shipping Bulk is one of the largest dry bulk shipping players. Cosco Shipping Bulk controls a fleet of approximately 400 mixed bulk carriers. Singapore-listed Cosco Shipping International strives to become one of the foremost integrated logistics service providers in Southeast Asia. 28-December-2021
Cosco Shipping Bulk controlled 2014 built panamax bulk carrier 81K DWT MV Cofco 1 refloated by tugboats in the Parana River. No damage or pollution have been reported by Cosco Shipping Bulk. Cosco Shipping Bulk controlled MV Cofco 1 was loaded with 41K tones of soybean meal from an upriver port. Parana River is an essential transportation route for agricultural products. Due to the low rain season, low water levels of the Parana River have hindered grain transport on South America’s second-longest river. 28-May-2020
On 28 March 2020, Cosco Shipping Bulk confirmed that 2015 built ultramax bulk carrier 63K DWT MV Feng De Hai’s second officer had died of coronavirus. MV Feng De Hai sailed from Guinea to Dneprobugsky in Ukraine. Second officer Mr. Wang did not leave the ship, had no contact with persons with fever, and had no symptoms of Covid-19. Mr. Wang’s body was removed from MV Feng De Hai this weekend while transiting the Bosphorus. According to Cosco Shipping Bulk, other crew members were suffering no symptoms of coronavirus, and the rest of the crew was tested negative Covid-19. Cosco Shipping Bulk complies with health practices and regulations regarding Covid-19 and took all necessary precautions. MV Feng De Hai has strictly implemented relevant prevention and control measures. After the Bosphorus transit, the crew did not go on shore and body temperature was measured daily. All remaining 24 crew members have normal body temperature and no fever. At the Dneprobugsky port in Ukraine, remaining crew members were all tested and reported as negative Covid-19. All crew have passed inspection and quarantine of the Ukrainian authorities. 31-March-2020
Chinese shipping giant Cosco Shipping Bulk defends tribunal claim arising from Britannia Bulk AS bankruptcy in 2008. Cosco Bulk Carrier was the issue of an appeal in the London High Court over a deal for MV Grand Fortune in 2007. The London tribunal had ruled that it had jurisdiction to decide on whether Cosco Shipping Bulk was owed money by the MV Grand Fortune’s sub-charterer Americas Bulk Transport (ABT), a party unattached to Britannia Bulk AS. Tribunal’s jurisdiction explored whether the MV Grand Fortune was time chartered by Cosco Shipping Bulk to Britannia Bulk AS or its subsidiary. Britannia Bulk AS was controlling approximately 75% and Bulkers controlling approximately 25%. Bulkers went into insolvent liquidation in November 2008. A disagreement arose between Bulkers and Cosco Shipping Bulk regarding charter fees owed to the Cosco Shipping Bulk. Cosco Shipping Bulk took an assignment of Bulkers’ rights, which is then utilized by declaring allegedly outstanding hire from Americas Bulk Transport (ABT). Cosco Shipping Bulk’s claims against Americas Bulk Transport (ABT) are obtained as assignee of the rights of Bulkers. The UK court arrived at the same decision as to the arbitrators: that the party which chartered the MV Grand Fortune to the claimants was Britannia Bulkers A/S. 12-February-2020
Chinese shipping giant Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International reported a net profit of $0.87 million in Q3 2019. Chinese shipping giant Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International has been hit by higher costs. Cosco Shipping International reported lower earnings in Q3 2019. Cosco Shipping International reported revenue of $31 million in Q3 2019. Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International stated its bulk carriers had logged lower charter rates and the finance costs increased due to an increase in interest. 12-November-2019
China’s National Council for Social Security Fund (SSF) has taken a 10% stake in shipping giant Cosco Shipping as part of China’s pension reform. Cosco Shipping Bulk is a subsidiary of Cosco Shipping. Cosco Shipping Energy Transportation, which is another subsidiary of Cosco Shipping, has reported that the state-owned Assets Supervision and Administration Commission has transferred the 10% stake to the Social Security Fund (SSF) for free. Previously, the state-owned Assets Supervision and Administration Commission owned 100% of Cosco Shipping. Currently, Cosco Shipping is China’s biggest shipping company. China has selected to transfer state capital into the Social Security Fund (SSF). The Chinese government has strived to move a substantial portion of the government’s stakes in state-owned corporations to the Social Security Fund (SSF) by the end of 2020. 1-November-2019
China has approved to more than double its annual buys of US farming by-products to as much as $50 billion. China expected that sanctions against shipping giant Cosco Shipping’s tanker subsidiaries might be lifted. However, this failed to materialize. After the US-China trade war, China is expected to commence purchasing enormous quantities of US agricultural products. In return, China is declared to have persuaded the US to hold off another round of tariff increases. The Chinese reply to the phase one trade agreement signed with the US on Friday was skeptical but welcoming. China is buying time for its companies such as Cosco Shipping to adapt to shifts in demand and the supply chain. 15-October-2019
Chinese shipping giant Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) has increased its fleet with one semi-submersible heavy-lift newbuilding at Guangzhou Shipyard International (GSI). This is the second newbuilding contract signed in 2019 by Cosco Shipping Specialized Carriers. China Guangzhou headquartered Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers has signed a newbuilding contract with state-owned Guangzhou Shipyard International (GSI). Cosco Shipping Specialized Carriers has ordered 50K DWT semi-submersible heavy-lift newbuilding to be delivered during the Q1 2021 for undisclosed price tag. In March 2019, Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) exercised four option orders 62K DWT wood-pulp carriers at Cosco Shipping Heavy Industries’ Dalian yard for delivery in 2021. In 2018, Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers ordered five 62K DWT wood-pulp carriers with four options. Five 62K DWT wood-pulp carriers will be delivered till February 2021. 62K DWT wood-pulp carriers has a price tag of $33 million for each. Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) also has two 2,200-ceu car carriers under construction at China Shipbuilding Industry Co (CSIC) controlled Wuchang Shipbuilding. Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) is a sister company of giant state-owned COSCO that controls MPP (multipurpose) ships heavy-lift vessels, car carriers, bitumen carriers and log carriers. It reportedly has a trading fleet of 112 vessels. 28-June-2019
Chinese shipping giant Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International reported revenue of $2.5 million in Q1 2019. Cosco Shipping International reported a net profit of $2.1 million in Q1 2019. Nevertheless, bulk carrier charter rates were lower in Q1 2019. Cosco Shipping Bulk’s sister company Singapore-listed Cosco Shipping International primarily concentrated on supramax bulk carriers. Currently, Cosco Shipping International owns and operates three (3) bulk carriers. 14-May-2019
Chinese shipping giant Cosco Shipping Bulk has added 3 more newcastlemax new-buildings 210K DWT at CSIC Qingdao Beihai Shipbuilding Heavy Industry. Cosco Shipping Bulk will add a second tranche of bulk carriers to a major project. Final Cosco Shipping Bulk newcastlemax haul could extend to 30 bulk carriers to meet a bauxite contract with Chalco. Chalco is China’s largest producer of both alumina and aluminum. New York and Hong Kong-listed Chalco have entered into an agreement with the Guinea government to develop a bauxite project in Boffa, Guinea. At the beginning of April 2019, Cosco Shipping Bulk ordered up to 10 bulk carriers at Cosco HI Yangzhou. Tianjin Xingang Shipbuilding Heavy Industry is also set to win deals for 3 bulk carriers from Cosco Shipping Bulk. Sino-Japanese shipyard Dalian Cosco KHI Ship Engineering is expected to win 2 bulk carriers. 28-April-2019
Cosco Shipping Bulk ordered 10 newcastlemax dry bulk carriers 210K DWT at Cosco Shipping Heavy Industry Yangzhou Shipyard (Cosco HI Yangzhou). Cosco Shipping Bulk has confirmed 8 firm newcastlemax dry bulk carriers and 2 optional bulk carriers. Cosco Shipping Bulk is going to pay $54 million per newcastlemax dry bulk carrier and a total $432 million. Newcastlemax dry bulk carriers will be scrubber-fitted and the first delivery will be in H1 2021. Cosco Shipping Bulk is ordering the newcastlemax dry bulk carriers to carry bauxite from Guinea to China for state-controlled Aluminum Corp of China (Chalco) having secured a long-term COA (Contract-of-Affreightment). African country Guinea set for greater bauxite exports after mine approval of government. Chalco (Aluminum Corp of China) has been listed in Hong Kong and New York. Chalco is China’s largest producer of both alumina and aluminum. Beijing-based Chalco (Aluminum Corp of China) has entered into an agreement with the Guinea government to develop a bauxite project in Boffa. Chalco (Aluminum Corp of China) has granted mining licenses for 15 years, with options for another 15 years. West Africa Boffa, Guinea project holds around 1.75 billion tonnes of bauxite. 22-April-2019
Chinese dry bulk shipping giant Cosco Shipping Bulk has set up a representative office in Geneva, Switzerland on 26 November 2018. Geneva branch will be state-owned giant China Cosco Shipping’s first office in Switzerland. China Cosco Shipping’s Geneva office would establish close ties with grain traders at the heart of grain trading hub. During the branch office opening ceremony, Cosco Shipping Bulk Chairman Huang Xiaowen mentioned his plans on how to cooperate with the Swiss traders. Cosco Shipping Bulk, a non-listed unit of China Cosco Shipping, operates more than 400 bulk carriers with a total carrying capacity of over 37 million DWT. Most of the giant trading companies have operations office in Geneva, Switzerland. Cofco International, the trading arm of Chinese grains giant COFCO, is also headquartered in Geneva. In 2016, New York-listed Star Bulk Carriers established Star Logistics Management in Geneva, Switzerland to focus on grains charters for kamsarmax dry bulk carriers. In 2017, Cosco Shipping Bulk and Cofco International sealed a strategic cooperation agreement to work on more contracts of affreightments (COAs). 16-December-2018
COSCO Shipping Bulk’s dry bulk carrier MV CF Crystal and NITC’s suezmax tanker MT Sanchi collided 160 miles off Shanghai, China on 7 January 2018. 32 crew members are reported missing after the deadly collision. 2011 built dry bulk carrier 76K DWT MV CF Crystal which was carrying 64K tons of grain cargo from USA collided with 2008 built tanker 164K DWT MT Sanchi which was carrying 136K tons of light crude oil from Iran. There was an explosion on MT Sanchi and the Chinese government immediately sent 7 rescue and clean-up boats to the accident area. 136K tons of light crude oil is worth about $60 million and MT Sanchi chartered by Hanwha Total Petrochemical. MV CF Crystal is operated by COSCO Shipping Bulk CoscoCS subsidiary Shanghai CP International. MV CF Crystal damage is non-critical and all 21 crew members rescued from the dry bulk carrier. 7-January-2018
Chinese Cosco Shipping Bulk has chartered out commodity giant Bunge 2017 capesize dry bulk carrier 179K DWT M/V Xin Li Hai for $16,200 per day for 8 to 11 months. One-year period charter rates for capesize dry bulk carriers are now higher than spot rates of $11,800. 7-May-2017
Shanghai shipowner and operator China Cosco Shipping Bulk is preparing to launch a new financial leasing operation that will compete with a number of other leasing companies. China Cosco Shipping Bulk’s new leasing shop has currently only three employees and is targeting a $3 billion v in ship finance annually. China Cosco Shipping Bulk’s new leasing shop is said to be targeting third-party assets. This will make it different from sister leasing entity Cosco Shipping Development Co (CSDC) which is mostly financing of COSCO tonnage. 9-December-2016
BNP Paribas arrested of a Niton Capital-owned supramax bulk carrier 2004 Japanese built 52K M/V Niton Cobalt in Singapore last week. BNP Paribas filed a $1.6 million mortgage claim against M/V Niton Cobalt. In 2014, Niton Capital bought M/V Niton Cobalt as M/V Sea Lily from COSCO Shipping Bulk for $16 million. Ship Manager and Ship Operator of M/V Niton Cobal has been switched from SGM Maritime Services to Niton Cobalt Maritime. 22-November-2016
China’s biggest shipping merger COSCO Shipping Bulk and China Shipping Group which is the world’s largest shipping company China Cosco Shipping (CoscoCS) has notified hundreds of China’s maritime university students who had signed letters of intent (LOIs) a month ago that it will not be signing their contracts. Dalian Maritime University (DMU) and Shanghai Maritime University (SMU) has been informed that CoscoCS will not be taking cadets this year. CoscoCS was taking several hundred maritime students each year for training and service onboard their vessels. Sinocrew managing director Captain Wang Jixuan raised the question of cost-cutting and training at Bimco’s annual conference in Shanghai, where he did not mention the CoscoCS move but, in general terms, challenged a shipowner panel on whether they are endangering ships, lives and the environment by cutting their crewing and training expenditures. 15-November-2016
Release of the Panama Papers database which contains the leaked corporate registration database of Panamanian law firm Mossack Fonseca might effect a few shipping companies to name a few: COSCO group, COSCO Shipping Bulk, China Shipping Group, Fred Olsen & Co and Evergreen Marine, former COSCO chairman Wei Jiafu, Israeli billionaire Idan Ofer, shipowner Fred Cheng. In shipping setting up single-purpose companies in such tax havens are common so the appearance in the Panama Papers is not a sign of wrongdoing. But, for maritime lawyers, Panama Papers is a new tool for hunting and seizing assets in disputes. 16-May-2016