COSCO Shipping Development announces construction of 14 new vessels

China's COSCO Shipping Development announced on July 29 that it will invest in the construction and long-term lease of 14 new vessels, including 10 bulk carriers and four asphalt carriers, and will also launch a sale and leaseback of one LNG carrier.

The company will invest over RMB5.2 billion ($724.5 million) in 10 new 210,000DWT Newcastlemax bulk carriers that will be prepared for future use of methanol and ammonia fuels. Four of the ships will be built by Qingdao Beihai Shipbuilding and six will be built by Zhoushan COSCO Shipping Heavy Industry. After delivery, they will be leased to COSCO Shipping Bulk or its designated subsidiaries.