China’s COSCO Shipping Group has concluded the contract with domestic Iranian companies for the construction of 42 bulk carriers, valued at more than $2 billion.
The contract for constructing the bulk carriers is the largest contract of China COSCO Shipping Group since 2016, making it one of the largest companies active in the shipping industry.
Under the contract, China's COSCO Heavy Industries is responsible for building 20 bulk carriers, while CSSC's Chengxi Shipyard subsidiary is responsible for building 22 others., Mehr news agency reported.
COSCO Shipping Group will construct five 64,000-ton ships, two 82,000-ton ships and 35 80,000-ton ships, valued at more than two billion dollars.
The vessels, which will be delivered between 2026 and 2027, will be chartered by COSCO Shipping Bulk on a long-term basis. These ships will be energy efficient and environment friendly. Some of these vessels have been designed specifically to operate with methanol fuel.
According to an official at China’s COSCO Shipping Group, the new ships will be equipped with the world's strongest permanent magnet generator and intelligent systems. These vessels will comply with the third phase of EEDI energy efficiency indicators and the latest cyber security regulations.