COSCO Shipping is pushing ahead with a major MPP fleet expansion, planning up to 30 new multipurpose vessels in a $1.5 billion investment.
China’s COSCO Shipping Bulk has launched a major multipurpose fleet expansion with plans for up to 30 newbuilds valued at around $1.5 billion. The company has partnered with Citic Financial Leasing (Citic FL) for 15 firm orders of 80,000 dwt multipurpose vessels (MPPs) at Fujian Mawei Shipbuilding, with options to double the number.
Citic FL will finance the project, continuing a leasing-based model previously used by COSCO. A similar arrangement backed 10 bulk carriers in 2023 through a partnership with Everbright Financial Leasing.
This move marks a key step in the COSCO Shipping MPP fleet expansion strategy, as the company diversifies its fleet beyond traditional dry bulk segments. With more than 500 ships under its control—from handysize to very large ore carriers—COSCO is focusing on newbuildings across various vessel types in Chinese shipyards.
Each MPP vessel is expected to cost around $50 million, with deliveries scheduled between 2027 and 2028. The company is also reportedly pursuing additional newcastlemax vessel orders at CSSC Qingdao Beihai Shipbuilding.