COSCO, CSSC partner on US$7Bn newbuilding project spanning 87 vessels

Domestic media reported the partnership, noting it represents the highest-value single domestic co-operation contract ever signed by a Chinese shipbuilding firm.

Although the specific vessel types have not been publicly disclosed, Riviera has confirmed that the order spans container ships, tankers, bulk carriers and multipurpose vessels.

A CSSC spokesperson, quoted in Chinese media, highlighted the shipbuilding group plans to expand its co-operation with COSCO Shipping in areas such as technological innovation, green and low-carbon solutions and smart vessels, with the goal of achieving “efficient and greener global trade transport.”

COSCO Shipping continues to operate one of the world’s most extensive newbuilding programmes, covering nearly all vessel categories. According to BRS Shipbrokers, the group signed contracts for 102 new vessels last year, totalling 12.0M dwt – the highest number of vessels ordered globally.

In late October, the Chinese shipping giant further expanded its orderbook with 29 additional vessels worth US$1.7Bn, focused on VLCCs and Kamsarmax bulkers.

Most recently, COSCO also placed orders with CSSC’s Dalian Shipbuilding Industry Co  for four Newcastlemax bulk carriers.

Based on BRS data, CSSC – the world’s largest shipbuilding group – controlled 34.2% of China’s orderbook and 23.0% of the global orderbook, in dwt terms, as of the end of 2024.