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COSCO SHIPPING Development Co ( (HK:2866) ) has issued an update.
COSCO SHIPPING Development Co. is expanding its role as a vessel-owning and leasing platform within the COSCO SHIPPING ecosystem, focusing on bulk carrier assets that support dry bulk logistics. The company uses dedicated subsidiaries to acquire and hold ships, which are then chartered to operating affiliates, aligning its business model with long-term maritime asset management and financing.
The group plans to acquire ten bulk carriers under construction, comprising eight 211,000 DWT and two 64,000 DWT vessels, by assuming existing shipbuilding contracts via assignment and novation agreements with Wai Fung Shipping and Marienvoy Shipping. Following delivery, these ships will be chartered in by COSCO SHIPPING Bulk Group, with the total acquisition cost expected to reach roughly RMB1.39 billion plus about US$495.6 million, indicating a substantial capacity and asset base increase that deepens intra-group cooperation and strengthens COSCO SHIPPING Development’s position in bulk vessel leasing.
More about COSCO SHIPPING Development Co
COSCO SHIPPING Development Co., Ltd. is a PRC-incorporated company engaged in shipping-related asset investment and leasing, with a focus on vessels and marine equipment within the global dry bulk and container shipping markets. Through its subsidiaries, it structures ship financing and long-term charter arrangements that support the fleet expansion and operational needs of COSCO SHIPPING group companies and other industry participants.
Average Trading Volume: 67,223,202
Technical Sentiment Signal: Hold
Current Market Cap: HK$32.64B
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