COSCO Shipping Specialized Carriers‘s subsidiary, COSCO Shipping (Hong Kong) Investment Development Co., Ltd., will be investing in the construction of four 9,000-ton specialized liquid cargo vessels at Fujian Mawei Shipbuilding Ltd.
This project, with a total investment of approximately $98 million, is set to reinforce our "14th Five-Year Plan" strategic goals, accelerating the transformation and upgrading of our fleet. The new vessels, featuring energy-saving and environmentally-friendly designs, will further solidify our leading position in the asphalt transportation sector.
These vessels are designed to meet the increasing standards of oil companies and global green low-carbon requirements. As older asphalt ships built before 2005 are phased out of core markets and the demand for large-capacity, long-distance transport increases, our new vessels will significantly enhance our market competitiveness. Currently, ships under 10 years old in the 7,000-9,000 ton range account for only 7% of the total market capacity.
With these new additions, COSCO aim to optimize our asphalt fleet structure and improve its capacity for multi-chemical liquid cargo operations. The project is expected to generate an internal rate of return of 7.2% with a static investment payback period of 11.8 years, demonstrating solid economic benefits.
This investment aligns with COSCO commitment to meeting market demands, seizing favorable opportunities, and advancing its core business in strategic bulk commodities. It will enhance our competitive edge in the asphalt transportation market.
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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