COSCO Expands Fleet with $310 Million Investment in Six New Heavy-Lift Vessels

COSCO Shipping Specialized Carriers has recently entered into a significant bareboat charter deal worth $310 million to lease six new multipurpose heavylift vessels. As reported by Nautical Voice, these ships will be constructed at Chengxi Shipyard in China, which is part of the China State Shipbuilding Corporation (CSSC).

The leasing agreement is with Bank of Communications Financial Leasing (BoComm Leasing), a prominent player in China’s leasing market and a subsidiary of the Bank of Communications. COSCO Shipping Specialized Carriers, which operates under the larger umbrella of China COSCO Shipping Group and is listed on the Shanghai stock Exchange, plans to lease these vessels for a period ranging from 189 to 195 months—roughly 16 years.The annual cost for this charter will be around $19.4 million, culminating in an estimated total expenditure close to $310.6 million.

According to company insights, the first four ships will incur a daily charge of CNY63,500 (approximately $8,843), while the last two will have a slightly elevated rate at CNY63,800 (around $8,885) per day.This results in an average daily rental fee near $8,864 per vessel.

These newly commissioned ships are tailored for transporting specialized cargoes such as wind energy equipment and heavy industrial components. Thay come equipped with onboard cranes and reinforced cargo holds that enhance their versatility compared to traditional bulk carriers.

Interestingly enough, shipping database Clarksons indicates that these six multipurpose project vessels are not currently listed in Chengxi Shipyard’s orderbook; this suggests they were specifically ordered for this contract.

with approximately 164 vessels already in its fleet, COSCO Shipping Specialized Carriers is keen on expanding further by both ordering new ships directly and engaging long-term charters through partnerships like BoComm Leasing.The MPPs represent one of their primary operational vessel types; thus this charter aims at adapting more effectively to market dynamics while boosting profitability.

Earlier reports from local Chinese media highlighted COSCO’s ambition to add over 50 new vessels—including car carriers and heavylift ships—by year-end due to increasing demand for renewable energy transport solutions and specialized goods logistics.

In Q1 2025 alone, COSCO Specialized Carriers achieved an operating profit of CNY5.2 billion—a remarkable increase of over 51% compared to Q1 2024 figures.

Additionally noteworthy is its sister company COSCO Shipping Bulk’s expansion endeavors; just last May it placed orders for up to 30 new ships with Fujian Mawei Shipbuilding—this included firm orders for fifteen MPPs each capable of carrying up to 80,000 dwt through Citic Financial Leasing along with options for another fifteen units.

BoComm Leasing stands out as one of china’s most dynamic maritime leasing firms today; managing over 470 vessels valued collectively at more than $20.8 billion showcases its robust presence within this sector.