Chinese shipping giant COSCO Shipping Holdings has ordered a dozen methanol duel-fuelled container ships each having a capacity of 24,000 TEUs.
The new container vessels will cost a total of US$2.87 billion, with each one priced at US$239.85 million.
On 28 October, COSCO Shipping Holdings signed two separate deals, one for five vessels for COSCO Shipping Lines and one for seven boxships for Orient Overseas Container Line (OOCL).
COSCO Shipping Lines, a shipping unit of COSCO, will receive five vessels, built by Dalian Cosco KHI Ship Engineering (DACKS), a joint venture of COSCO and Kawasaki Heavy Industries, in exchange for US$1.199 billion. These vessels are likely to join COSCO’s fleet between early 2027 and mid-2028.
Additionally, COSCO-owned OOCL will receive seven ships from Nantong Cosco KHI Ship Engineering (NACKS), another joint venture shipyard of COSCO and Kawasaki. These seven vessels will cost US$1.678 billion.
With the new methanol-powered newbuildings, COSCO is following some of the other shipping behemoths like A.P. Moller-Maersk, CMA CGM, and Mediterranean Shipping Co. (MSC), which have also placed orders for LNG dual-fuelled vessels.
In its filing to the Stock Exchange of Hong Kong Limited, COSCO Shipping Holdings said the shipbuilding transactions are new measures of the group to actively promote the development of using clean fuels in the fleet in accordance with the new trend of the green, low-carbon and smart shipping industry development.
“The company has continuously implemented the concept of ‘energy saving, carbon reduction and green development’ into the operation and management of the company by adhering to the philosophy of environmental friendliness as well as balancing sustainable development and environmental protection,” noted COSCO.
The Chinese shipping giant added that the vessels will be equipped with advanced green methanol dual-fuel technology, which is able to provide customers with green and low-carbon supply chain solutions.
Sharar Nayel
Asia Correspondent
