COSCO SHIPPING Bulk has teamed up with three Chinese financial leasing companies to order 16 multipurpose grain carriers of 87,000 dwt each at Fujian Shipbuilding, extending its programme to develop grain-transport capacity with greater cargo flexibility.

The contracts were signed on 17 October 2026 at a shipbuilding industry conference in Fuzhou, southeastern China. Representing approximately 1.39 million dwt of new capacity, the project brings together the shipping company, the builder and three leasing partners: ICBC Financial Leasing, Zhejiang Zheyin Financial Leasing and Maxwealth Financial Leasing.

Three leasing partners support the 16-ship programme

ICBC Financial Leasing is participating in the largest portion of the programme, covering 11 vessels. Zhejiang Zheyin Financial Leasing is involved in three ships, while Maxwealth Financial Leasing is participating in the remaining two. Contract values and delivery schedules for the grain carriers were not disclosed in the event materials.

The arrangement continues a model in which COSCO SHIPPING Bulk works with shipbuilders and specialist asset financiers to develop its fleet. Bringing leasing companies into the project at the contracting stage connects vessel procurement with financing arrangements, while the scale of the order gives the builder scope to coordinate design work, equipment purchasing and production across a series of ships. For the operator, common equipment and vessel configurations can also support more consistent maintenance, spare-parts provision and crew training.

An established partnership in multipurpose grain shipping

The latest contracts build on an existing relationship between COSCO SHIPPING Bulk and Fujian Shipbuilding. In June 2025, COSCO SHIPPING Bulk, CITIC Financial Leasing and Fujian Shipbuilding signed agreements covering the construction and leasing of 80,000-dwt multipurpose grain carriers. The new 87,000-dwt project extends that cooperation with a different group of leasing partners。

COSCO SHIPPING Bulk has also begun putting the wider multipurpose grain-carrier concept into commercial service. In July 2026, the 80,000-dwt Guo Liang Hai was named at COSCO SHIPPING Heavy Industry’s Dalian yard and handed over for chartered operation by COSCO SHIPPING Bulk. According to the operator, the vessel can carry grain, containers and large equipment, illustrating the cargo versatility already available within this segment of its fleet.

The commercial rationale is closely linked to the directional imbalance of long-haul grain trades. A vessel importing agricultural commodities may have opportunities to carry other compatible cargoes on an outbound or repositioning voyage, improving utilisation across its trading cycle. A wider cargo capability gives an operator more options when matching ships with cargo, although securing an economical backhaul still depends on cargo availability, port infrastructure, handling requirements and voyage schedules.

For COSCO SHIPPING Bulk, continued investment in this vessel category suggests a broader approach to grain shipping: developing capacity around agricultural cargo flows while retaining flexibility to serve other trades. The experience gained from ships already in operation should also provide a practical basis for refining cargo planning and fleet deployment as further vessels enter service.

Equipment procurement accompanies the vessel contracts

The conference also included agreements with equipment suppliers, linking the newbuilding programme with procurement of major machinery. Fujian Shipbuilding signed cooperation agreements with CSSC Power (Group), Kongsberg and Daihatsu, with the announced procurement covering main engines and generator sets for the 16 grain carriers, as well as azimuth thrusters for four separate 66.9-metre anchor-handling tug supply vessels.

For a series of this size, machinery availability and delivery timing are central to production planning. Progressing major equipment procurement alongside shipbuilding contracts provides a basis for coordinating technical interfaces, supplier schedules and construction milestones across the programme.

Separate Union Maritime order adds offshore vessels

Fujian Shipbuilding also signed a separate contract with UK-based Union Maritime Limited for two 84-metre platform supply vessels, with options for two more. Together with the COSCO SHIPPING Bulk-led grain-carrier project, the two contracts cover 18 firm vessels and two options.

The builder’s offshore business already includes series construction for international owners. Kongsberg announced in October 2024 that it would supply propulsion, automation and energy systems for 10 PSVs being built at Fujian Mawei Shipbuilding for Greece’s Capital Offshore. Those 95-metre vessels were intended for the Brazilian market.

Union Maritime’s published newbuilding list identifies two PSVs at Fujian Mawei Shipbuilding, hull numbers MW656-1 and MW656-2. Each is listed at 4,334 dwt, with delivery years of 2028 and 2029 respectively.