COSCO orders 16 grain carriers in $800m fleet expansion

China’s COSCO Shipping Bulk has expanded its dry bulk fleet with an order for 16 new multipurpose grain carriers. The vessels, each with a capacity of 87,000 deadweight tons, were contracted at Fujian Shipbuilding under a programme valued at approximately $800 million.

The agreement was signed during an event commemorating the 160th anniversary of Fujian Shipbuilding’s founding. In addition to the vessel contracts, the shipyard secured orders for main engines and generator sets for all 16 ships, solidifying its partnership with COSCO.

Financial partners and fleet growth: COSCO

The latest order is backed by three Chinese financial leasing companies. ICBC Financial Leasing is financing 11 of the vessels, while Zheyin Financial Leasing and Yongying Financial Leasing are covering three and two ships, respectively. Neither pricing details nor delivery timelines have been disclosed.

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This deal follows a previous collaboration between COSCO Shipping Bulk and Fujian Shipbuilding in June 2025, when the companies, alongside CITIC Financial Leasing, ordered 15 firm and 15 optional 80,000 dwt multipurpose grain carriers. Those vessels, valued at around $50 million each, were booked at Fujian’s Mawei and Xiamen shipbuilding facilities, with deliveries scheduled for 2027 and 2028.

Broader expansion in the grain carrier segment

COSCO’s push into grain carriers extends beyond Fujian Shipbuilding. In July, its leasing arm, COSCO Shipping Development, announced a separate $1.27 billion order for 24 bulkers. This package included 20 multipurpose grain carriers of the same 87,000 dwt capacity and four 210,000 dwt newcastlemax vessels.

The 24 ships were divided between COSCO Shipping Heavy Industry’s Dalian yard, which secured 15 vessels, and CSSC Chengxi Shipbuilding, which obtained five. All were designated for 20-year leases to Huifeng, a subsidiary of COSCO Shipping Bulk, reflecting the company’s long-term strategy in fleet modernization.

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