CSSC Shipping expands dry bulk fleet with 10 newbuild order

Hong Kong-listed CSSC Shipping has commissioned ten 80,000 dwt bulk carriers in a fleet expansion valued at CNH3.235bn, or approximately $481m, Asia Shipping Media reported. The leasing subsidiary of the state-owned China State Shipbuilding Corporation has finalised contracts with Chengxi Shipyard and China Shipbuilding Trading. Under the agreement, Chengxi Shipyard and CSSC Guangxi will collaborate on the design, construction, and delivery of these vessels. Each unit is valued at roughly $48.1m, with the delivery schedule spanning from September 30, 2029, through the conclusion of 2030. The company intends to finance the order using internal capital and bank borrowings.

Although specific propulsion systems remain undisclosed, the firm indicated that the newbuildings will feature customised designs intended to satisfy the latest environmental regulations. These vessels are expected to provide superior fuel efficiency and enhanced operating performance compared to existing bulkers within the company's current fleet. Upon delivery, the ships are slated to generate revenue through either finance or operating leases. Because the parent group maintains a 74.17% stake in the leasing entity and controls the involved shipyards, the project is classified as a connected transaction, which necessitates approval from independent shareholders before proceeding.

This latest order expands a portfolio that comprised 130 vessels at the end of June. At that time, the company operated 107 ships and had 23 units under construction, maintaining an average fleet age of 4.8 years. During the first half of the year, the firm also executed six sale-and-leaseback transactions for newbuildings, totalling $324m. These additions follow previous investments, including an order for two 210,400 dwt newcastlemaxes at Qingdao Beihai Shipbuilding, which are expected to join the fleet between late 2027 and early 2028. The company’s broader leasing portfolio previously included over 30 bulkers.

The current order coincides with increased activity in the grain-carrier sector at CSSC-affiliated yards. In July, COSCO Shipping Development placed an order for twenty 87,000 dwt multipurpose grain carriers as part of a larger 24-vessel programme valued at RMB8.66bn. This initiative includes five ships to be constructed at Chengxi, which will be chartered to COSCO Shipping Bulk on 20-year agreements. According to industry reports, the ten new vessels increase the total number of newbuilds publicly disclosed for Chengxi in 2026 to 27. Additionally, the yard and CSSC Guangxi have received letters of intent from third-party buyers for similar vessel types.