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COSCO SHIPPING Specialized Carriers plans to expand its fleet through a major investment in new vessels. The company said one of its subsidiaries or an affiliated company will invest up to USD 384.31 million (around 2.6 billion yuan) to construct eight vessels. The investment is aimed at strengthening the company's shipping capacity and supporting its long-term fleet expansion strategy. The move comes as global shipping companies continue to modernise fleets and improve operational efficiency to meet evolving trade and logistics requirements.
COSCO SHIPPING Specialized Carriers has announced plans to invest up to 2.6 billion yuan (USD 384.31 million) in the construction of eight new vessels as part of its fleet expansion plans.
The company said in a regulatory filing released earlier this week that the investment will be made by one of its subsidiaries or an affiliated company. However, it did not disclose the type of vessels, the construction timeline, or the shipyard that will undertake the project.
The planned investment is expected to strengthen the company's transportation capacity and support its long-term business growth. Expanding fleet capacity remains an important strategy for shipping companies as they respond to changing global trade patterns, increasing cargo demand and the need for more efficient and modern vessels.
COSCO SHIPPING Specialized Carriers is a subsidiary of the COSCO SHIPPING Group and operates one of the world's largest specialised shipping fleets. The company transports a wide range of cargo, including heavy-lift equipment, breakbulk cargo, wind power equipment, engineering machinery, automobiles and other specialised goods. In recent years, it has continued to expand its fleet through new vessel orders to improve operational efficiency and strengthen its presence in international shipping markets.
The latest investment reflects the company's continued focus on fleet renewal and capacity enhancement, although additional details regarding the vessel specifications and delivery schedule have not yet been announced.
Source Reuters
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