Greek major Costamare said to firm up order for 12 container vessels in China

Riviera reported earlier this year that the US-listed Greek owner was in discussions with China State Shipbuilding Corp (CSSC) regarding a potential order of this scale.

China CSSC Holdings Limited announced on 22 April, via a stock exchange filing, that its subsidiary Dalian Shipbuilding Industry Co (DSIC) has brought into effect a shipbuilding contract with a “well-known” shipowner for a total of 12 vessels of 9,200 TEU each.

The disclosure noted that, by agreement between the shipbuilder and the shipowner, the identity of the latter is exempt from disclosure.

Shipbroking sources have linked Costamare to the order, with COSCO seen as the likely charterer. The Greek owner has a policy of not commenting on market rumours.

The contract is estimated to be worth approximately US$1.3Bn, or around US$110M per vessel. Deliveries are scheduled between 2028 and 2030.

The Chinese shipbuilder described the series as a new generation of mid-sized container vessels, developed in line with global green energy trends in shipping and the latest international environmental design standards.

“Their performance indicators are at a world-class level, leading globally among similar vessel types in overall performance, environmental performance, and operational reliability,” the disclosure said.

Costamare appears to be in expansion mode, with an existing newbuilding programme for 10 vessels of 3,100 TEU, scheduled for delivery through Q4 2028. These ships have already secured medium- to long-term employment upon delivery.

The Greek owner, which has also been linked to the acquisition of two secondhand mid-sized vessels, currently operates a fleet of 69 container ships.

The fleet’s TEU-weighted contracted duration stood at 4.5 years in Q4 2025, up from 3.2 years in the previous quarter. Contracted revenues also increased from US$2.6Bn in Q3 to US$3.4Bn.