China Cosco Shipping Group has placed a record-breaking domestic order for 87 new vessels from China State Shipbuilding Corp. (CSSC) in a deal valued at over 50 billion yuan ($7 billion), as the maritime giant races to modernize its fleet and cement its global position.
The deal, announced Monday, includes around 47 billion yuan in cross-border yuan settlement, and marks a major investment in larger, more environmentally friendly, and technologically advanced vessels. Cosco Shipping said the initiative will help optimize its fleet structure and support global supply chain stability as the maritime sector undergoes rapid transformation.
Source: CaixinGlobal