CSSC Shipping orders ten bulk carriers for $481 million
CSSC Shipping has ordered ten 80,000 dwt bulk carriers for $481 million, with deliveries from late 2029 through 2030.
Hong Kong-listed CSSC Shipping has ordered ten new bulk carriers. The deal is worth 3.235 billion Chinese yuan, or $481 million. The company is the ship leasing arm of the state-owned China State Shipbuilding Corporation (CSSC). It placed the order with Chengxi Shipyard and China Shipbuilding Trading.
Each of the 80,000 deadweight tonne vessels is priced at approximately $48.1 million. The ships are scheduled for delivery between September 30, 2029, and the end of 2030. CSSC Shipping plans to finance the expansion using its internal resources and bank loans.
Vessel design and operation
While propulsion details were not disclosed, the company stated the newbuilds will feature customised designs. These designs meet the latest environmental standards. The company claims they will offer lower fuel consumption and better operating efficiency compared to the bulk carriers already in its portfolio. Once delivered, the vessels will generate income through operating or finance leases.
A connected transaction
The deal is classified as a connected transaction and requires approval from independent shareholders. CSSC's parent group owns 74.17% of the leasing company. The same parent also controls the shipyards involved in the order: Chengxi Shipyard, CSSC Guangxi, and China Shipbuilding Trading.
Expanding the fleet portfolio
CSSC Shipping's dry bulk portfolio is growing. This ten-ship order significantly expands it. According to the source, Splash, the portfolio contained 130 ships at the end of June. Of these, 107 were in operation and 23 were under construction. The average age of its operating fleet was just 4.8 years.
The company has been active in the newbuilding market. In the first half of the year, it signed six sale-and-leaseback transactions for new vessels worth a combined $324 million. Last year, Splash reported CSSC Shipping ordered two 210,400 dwt newcastlemax bulk carriers. Those ships are priced at about $73.5 million each. They are due for delivery in late 2027 and early 2028.
Broader yard activity
The new order arrives during a period of strong demand for grain carrier tonnage at CSSC shipyards. In July, Splash reported that COSCO Shipping Development ordered twenty 87,000 dwt multipurpose grain carriers. That order was part of a larger 24-bulker program valued at $1.27 billion. Five of the ships will be built at Chengxi Shipyard. Those vessels will be leased to COSCO Shipping Bulk on 20-year contracts.
Chinese shipbuilding media reports the latest ten-vessel order brings Chengxi Shipyard's publicly disclosed newbuilding haul for 2026 to 27 ships. According to CSSC Shipping's filing, Chengxi and CSSC Guangxi have also entered letters of intent with third-party buyers for vessels of the same type.
