COSCO books 16 grain carrier newbuilds

China’s COSCO Shipping Bulk has signed up for another 16 multipurpose grain carriers at Fujian Shipbuilding, extending its newbuilding spree in the dry bulk sector.

The latest batch of 87,000 dwt vessels was contracted, with three Chinese financial leasing companies backing the programme.

ICBC Financial Leasing is involved in 11 ships, Zheyin Financial Leasing in three and Yongying Financial Leasing in the remaining two.

The order is estimated to be worth around $800m, although the contracting parties have not disclosed pricing or delivery dates.

The agreement was signed during an event marking the 160th anniversary of Fujian Shipbuilding’s origins, where the yard group also secured contracts for main engines and generator sets for the 16 vessels.

The deal marks another sizeable commitment between COSCO Shipping Bulk and Fujian Shipbuilding. In June 2025, the two teamed up with CITIC Financial Leasing for 15 firm and 15 optional 80,000 dwt multipurpose grain carriers, valued at about RMB360m ($50m) apiece.

Those vessels were booked at Fujian’s Mawei Shipbuilding and Xiamen Shipbuilding facilities, with deliveries scheduled for 2027 and 2028.

COSCO has since pushed further into the grain carrier segment. In July, its listed leasing arm COSCO Shipping Development unveiled a separate RMB8.66bn ($1.27bn) order for 24 bulkers, including twenty 87,000 dwt multipurpose grain carriers and four 210,000 dwt newcastlemaxes.

The grain carriers in that package were split between COSCO Shipping Heavy Industry’s Dalian yard, which secured 15 vessels, and CSSC Chengxi Shipbuilding, which landed five. All 24 vessels were earmarked for 20-year leases to COSCO Shipping Bulk subsidiary Huifeng.

The latest Fujian contracts add another 16 vessels in the same capacity class, this time involving a different group of Chinese leasing houses.

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