China's COSCO Shipping taps local yard to build Newcastlemax bulker pair

The ships to be built by Beihai Shipbuilding will be operated under lease by COSCO Shipping subsidiary COSCO Shipping Bulk. In the future, these ships will be operated by COSCO Shipping Bulk alongside 42 other vessels, which are all still under construction at CSSC Chengxi Shipbuilding (22 ships) and three of COSCO Shipping Heavy Industry's shipyards (13, five and two, respectively).

The 42 other ships are being built in fulfilment of contracts with a total value of approximately CNY12.7 billion (US$1.76 billion).