CSSC Shipping bets $481m on 10 bulkers to dominate dry freight
Hong Kong leasing giant orders ten 80,000 dwt vessels from Chinese yards for delivery 2029-2030
CSSC Shipping has placed a $481m bet on dry bulk dominance, ordering ten 80,000 dwt bulk carriers from Chinese yards to bolster its fleet with younger, greener tonnage.
The Hong Kong-listed leasing arm of China State Shipbuilding Corporation (CSSC) signed contracts with Chengxi Shipyard and China Shipbuilding Trading, securing delivery slots between September 30, 2029 and the end of 2030. Each vessel carries a $48.1m price tag, with the entire programme funded through internal resources and bank borrowings.
The newbuilds are not mere replacements. CSSC Shipping claims they will incorporate customised designs meeting the latest environmental standards, offering lower fuel consumption and better operating efficiency than the bulkers already in its portfolio. Once delivered, the vessels will generate income through operating or finance leases, aligning with the company’s strategy to capitalise on the dry freight market’s long-term growth.
Safe Bulkers
At the end of June, CSSC Shipping’s portfolio stood at 130 ships, with 107 vessels in operation and another 23 under construction.
The order also reflects a broader trend in Chinese shipbuilding. Chengxi Shipyard, one of the contractors for the newbuilds, has publicly disclosed a 2026 newbuilding haul of 27 ships, with letters of intent already signed for additional vessels of the same type.
What the $481m order means for the dry freight market: CSSC Shipping
The ten-ship order arrives amid a flurry of activity in the dry bulk sector. In July, COSCO Shipping Development placed a $1.27bn order for 24 bulkers, including twenty 87,000 dwt multipurpose grain carriers, five of which will be built at Chengxi Shipyard. Those vessels are slated for 20-year leases to COSCO Shipping Bulk, highlighting the long-term confidence in the grain trade.
CSSC Shipping’s latest move also follows its previous order of two 210,400 dwt newcastlemaxes at Qingdao Beihai Shipbuilding, priced at $73.5m each, with deliveries scheduled for late 2027 and early 2028. With more than 30 bulkers already in its leasing portfolio, the company is clearly positioning itself as a major force in the dry freight market, leveraging its state-backed parent group’s control over key shipyards and trading entities.
The deal, however, is not without its complexities. As a connected transaction, CSSC’s parent group owns 74.17% of CSSC Shipping and also controls Chengxi Shipyard, CSSC Guangxi, and China Shipbuilding Trading, it requires approval from independent shareholders.
La operación, sujeta a la aprobación de los accionistas independientes, deberá resolverse en la próxima junta extraordinaria convocada para el 15 de noviembre. CSSC Shipping confirmará entonces el calendario definitivo de entregas, alineado con los plazos ya anunciados para 2027 y 2028, mientras avanza en la integración de los nuevos buques a su flota de arrendamiento.
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