Cosco Shipping Spent $2.88 Billion On 12 Methanol-fuelled Boxships
The shipping giant, Cosco Shipping Holdings, has announced a newbuild order for twelve methanol-fuelled containerships from Dalian Cosco KHI Shipping Engineering and Nantong KHI Shipping Engineering.
Orient Overseas International Limited, a subsidiary of Cosco Shipping Holdings, and an affiliated company of Cosco Shipping Lines has entered into shipbuilding construction contracts with Cosco KHI Shipping Engineering’s yards in Dalian and Nantong at a cost of $240m per vessel.
The orders see Cosco Shipping join a growing number of owners that are opting for methanol as a green fuel to decarbonise operations. AP Moller – Maersk placed the pioneering order for methanol-fuelled very large containerships (also known as VLCCs), and has been followed by CMA CGM, which has already made a strong commitment to LNG as an alternative fuel.
OOIL has ordered Nantong KHI Shipping Engineering to build seven vessels for them, which are due for delivery between the third quarter of 2026 and the third quarter of 2028.
Dalian KHI Shipping Engineering will manufacture five ocean vessels for the affiliated company of Cosco Shipping Lines, which are scheduled to start delivery this February and June.
Cosco Shipping Holdings states that the group’s new order for twelve large super containerships is a move towards promoting clean energy applications. The company says that these large super containerships are considered to have multiple innovative technologies, which will strengthen their core competitiveness.