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COSCO car carrier venture in for three GSI newbuilds
Dr.G.R.Balakrishnan 2023-03-13 17:26:35 Shipping News

COSCO car carrier venture in for three GSI newbuilds

COSCO’s car carrier shipping venture has contracted CSSC Guangzhou Shipyard International (GSI) for the construction of three new vessels.

The Guangzhou-based branch of the state-run shipbuilding conglomerate has booked 7,000 ceu LNG dual-fuel vessels for delivery in 2026, lifting the shipyard’s LNG-powered car carrier orders to 22.

Guangzhou COSCO Car Carrier Shipping was set up last year by COSCO Shipping Specialized Carriers, Shanghai International Port Group Logistics, and SAIC Anji Logistics.

The company has been bolstering its fleet for international trade and the latest deal takes its orderbook to 24 newbuilds between 7,000 and 8,600 ceu.

Having experienced a five-year drought in newbuild orders, the pure car and truck carrier market is booming again, with a majority contracted to Chinese shipyards. Data from Clarkson shows this niche area is outperforming the rest of the shipping market, with 38 newbuild PCTCs ordered in 2021 and 90 more in 2022.