COSCO Shipping Holdings has placed orders for 18 containerships at a combined cost of Yuan18.8bn ($2.7bn), marking the Chinese shipping giant's first foray into LNG dual-fuel propulsion for large ships in this segment.
The Shanghai- and Hong Kong-listed company announced that its wholly-owned subsidiary Cosco Asset Management has signed contracts with Jiangnan Shipyard for 12 vessels of 18,000 teu, priced at Yuan1.4bn each, totalling Yuan16.8bn.
Separately, the company ordered six 3,000 teu wide-beam conventionally fuelled vessels from Cosco Shipping Heavy Industry (Zhoushan) at Yuan330m apiece.
The larger vessels are scheduled for delivery between 2028 and 2029, while the smaller ships will arrive between June and December 2028.
Cosco Shipping Holdings is part of China Cosco Shipping Corp, the largest shipowner in the world with a diversified merchant fleet of more than 1500 vessels.
The LNG-dual fuel orders represent a notable strategic pivot for the Chinese state-owned conglomerate, which had previously bet on methanol as its preferred alternative fuel pathway. The group has ordered a series of methanol-powered newbuildings in recent years and is developing production facilities for such fuel with partners in China.
The shift comes after the International Maritime Organization delayed a crucial vote on its Net-Zero Framework last October, pushing the decision back by a year.
The regulatory uncertainty has prompted many shipping firms to reconsider their decarbonisation strategies, with some now hedging their bets across multiple fuel types rather than committing to a single pathway.
Maersk, an early champion of methanol as a marine fuel, began ordering LNG dual-fuel vessels in significant numbers last year.
Cosco said the 18,000 teu vessels will be deployed on mainlane east-west trades to enhance service quality and optimise cost structures, while the 3,000 teu ships will serve regional feeder routes to strengthen the group's presence in emerging markets.
Cosco operates the world's fourth-largest containership fleet, and the latest orders will help narrow the gap with third-ranked CMA CGM, as the company seeks to consolidate its position among the industry's top players.
The fresh tonnage is also part of the company's aggressive fleet renewal drive, which has seen more than 200 ships across different segments ordered since 2024.
It expects to finance up to 60% of each vessel's price through external debt or bank loans, with the remainder funded from internal resources.
