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COSCO: US$3Bn newbuild deal for 12 methanol-fuelled box ships
COSCO Shipping Holdings has ordered a dozen 24,000-TEU green-methanol-ready, dual-fuel box ships, and they will be the largest in the world
COSCO-owned Orient Overseas Container Line (OOCL) and COSCO Shipping Lines has signed a newbuilding contract for a dozen new green-methanol-ready container ships with Nantong Cosco Khi Ship Engineering (NACKS) and Dalian COSCO KHI Ship Engineering Co. (DACKS).
NACKS, a joint venture between Kawasaki Shipbuilding Corporation and COSCO Shipping, will build seven of the box ships, while DACKS shipyard, another joint venture between COSCO Shipping and Kawasaki Shipbuilding, will build the remaining five ships.
The seven vessels built by NACKS will be assigned to COSCO subsidiary OOCL, while the remaining five from DACKS will go to the COSCO brand.
Worth a total of US$2.86Bn - working out to US$239.85M per ship - the delivery of the new ships will take place between 2026 and 2028, according to the companies.
The order is part of the COSCO group’s strategy to use clean fuels to meet the shipping industry’s decarbonisation efforts. COSCO said that the vessels would be fitted with advanced energy-saving, emissions-reduction and smart ship technologies.
COSCO follows Maersk and CMA CGM in the container ship charge for green methanol.
CMA CGM operates a 30-vessel fleet of dual-fuel e-methane-ready ships and expects that figure to rise to 77 vessels by the end of 2026. In the month of June 2022, alone, the carrier announced it would be ordering six 15,000-TEU methanol dual-fuel ships.
In early October 2022, Maersk announced a six-vessel order for 17,000-TEU container vessels with HHI.
With its latest order, Maersk has, in total, ordered 19 vessels with dual-fuel engines able to operate on green methanol.
The six 17,000-TEU vessels are all to be delivered in 2025 and will sail under the flag of Denmark. When all 19 of Maersk’s container vessels on order are deployed and have replaced older vessels in the company’s fleet, the new ships are expected to generate annual CO2 emissions savings of around 2.3M tonnes.
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