COSCO Shipping Development has approved orders for 15 newcastlemax bulk carriers in a RMB7.92bn ($1.1bn) expansion of its ship-leasing portfolio.

Ten of the 210，000 dwt vessels will be built by Shanghai Waigaoqiao Shipbuilding， with the remaining five contracted at Nantong Xiangyu Shipyard. Each ship is priced at RMB528m before tax.

The Xiangyu vessels are scheduled for delivery between May and December 2030， while the Waigaoqiao series will follow between June and December of the same year.

All 15 ships will be constructed with provisions for later conversion to methanol or ammonia propulsion.

COSCO Shipping Development expects to finance 25% of the investment from internal resources and the remaining 75% through bank borrowing.

The vessels will be leased for 20 years to Wai Fung Shipping， a subsidiary of COSCO Shipping Bulk. Annual charter rates for each ship will be capped at RMB59.4m before tax， including the potential cost of later dual-fuel modifications.

The latest package adds to COSCO’s aggressive dry bulk renewal programme， which has already included orders and leasing arrangements covering dozens of new vessels.