Cosco Shipping has signed contracts for 12 new LNG dual-fuel container vessels in a deal valued at $2.69 billion, according to Ship & Bunker. The agreements were finalized on August 28, with the shipbuilding contracts disclosed in a stock filing published on Monday.
Vessel Specifications and Build Details
According to Ship & Bunker, the vessels will be constructed by Shanghai Waigaoqiao Shipbuilding, with each ship priced at approximately $224 million. The ships have a capacity of 21,700 TEU, placing them within the broader 22,000-TEU vessel class. Deliveries are scheduled to take place between 2028 and 2030, the report states.
Each vessel will be equipped with LNG dual-fuel engines, giving them the capability to operate on either LNG or conventional marine fuels, Ship & Bunker reports.
Strategic Rationale
Cosco said the new vessels will bolster capacity on key international trade lanes, including services connecting the Far East with Northwest Europe, according to the report. The company also noted that introducing these larger, newer ships will free up existing tonnage for redeployment to emerging and regional markets through a process known as capacity cascading.
Ship & Bunker further reports that Cosco expects the dual-fuel vessels to address rising customer demand for lower-emission supply chain options, while simultaneously supporting the continued growth of its container shipping operations.
Financing Structure
Cosco intends to finance up to 70% of the cost per vessel using external financing sources, with the remaining portion covered by internal company funds, according to the report. The company stated that its current operating cash flow and comparatively low debt levels provide sufficient flexibility to support the investment.
Ship & Bunker also notes that this order follows a separate contract placed in January for another 12 LNG-capable container ships, suggesting a continued expansion of Cosco’s dual-fuel fleet strategy.
Does this matter to you?
This order reflects a continuing shift among major container carriers toward LNG dual-fuel newbuilds, which carries implications for fuel demand patterns and bunkering infrastructure planning. As large fleets increasingly incorporate dual-fuel capability, bunker suppliers and ports may see gradual changes in fuel mix demand across major trade routes, including Far East-Northwest Europe services.
The capacity cascading strategy mentioned by Cosco could also affect vessel deployment patterns in regional and emerging markets over time, as older ships are redirected once new tonnage enters service between 2028 and 2030.
The source material does not provide specific details on how this order will affect near-term LNG bunker demand or pricing, so any direct market impact remains unclear at this stage.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
