COSCO Shipping Inks Deal for 6 New Container Ships in RMB Settlement

China’s maritime power takes another stride as COSCO Shipping inks a major deal with Hudong-Zhonghua for six massive 13,600 TEU container ships, all settled in RMB. With these new vessels set to enhance key trade routes, COSCO and China’s shipbuilding sector are solidifying their place as global leaders in efficient, green shipping solutions.

COSCO Shipping’s New Container Ship Deal with Hudong-Zhonghua

On October 28, Hudong-Zhonghua Shipbuilding (Group) Co., Ltd, a subsidiary of China State Shipbuilding Corporation (CSSC), signed a landmark agreement with COSCO Shipping Lines. This deal includes the construction of six 13,600 TEU large container ships, each powered by conventional fuel, with settlement in RMB. 

Following a recent RMB-settled deal between Hudong-Zhonghua and Canada’s Seaspan for ships of the same type, this transaction underscores the growing influence of the Chinese yuan in the global market. As planned, once the ship is completed, it will be transported to the largest seaports in China to conduct international freight forwarding and transportation.

Specifications of the New 13,600 TEU Ships

These state-of-the-art vessels, independently developed by Hudong-Zhonghua, feature:

• Length: approximately 336 meters

• Beam: 51 meters

• Depth: 30.2 meters

• Capacity: 14,096 TEUs, including 2,000 refrigerated container spaces

Built to meet rigorous environmental standards, the ships are equipped with high-efficiency main engines, energy-saving devices, shaft generators, high-voltage shore power systems, ultra-low-resistance anti-fouling paint, and desulfurization technology. This suite of advanced technologies ensures reduced fuel consumption and a smaller environmental footprint, aligning with international sustainability standards and allowing for future green fuel adaptability.

Project Timeline and Delivery Schedule

The construction of the first ship in this series will begin in November 2025, with all six ships expected to be delivered by 2027.

Growing Influence of RMB in Global Shipbuilding

The shift toward RMB-based settlements in shipbuilding signifies China’s expanding influence on the global stage and the strengthening of its currency. This practice minimizes exchange rate risks for shipbuilders, boosting profitability and competitiveness. For shipowners, RMB settlement reduces financing costs and enhances trade efficiency, making it a win-win arrangement for both parties.

Expanding COSCO Shipping’s Global Network

With a fleet capacity of 527 ships and 3.26 million TEUs, COSCO Shipping Lines ranks among the world’s largest shipping providers. Once completed, the new container ships will enhance COSCO’s Far East-Mexico express route and extend service to the port of Chancay in Peru. The vessels will also support the Europe-South America West route, further strengthening COSCO’s global reach.

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Strengthening Sino-Shipbuilding Collaboration

COSCO Shipping Lines and Hudong-Zhonghua have built a robust partnership over the years, collaborating on various container ship projects, including the New Panama Type 14,500 TEU vessels. This latest agreement reinforces their relationship and fortifies the global standing of China’s shipping and shipbuilding sectors.

Hudong-Zhonghua’s Surge in Global Orders and RMB Transactions

With global demand for large container ships on the rise, Hudong-Zhonghua has secured a notable number of RMB-based orders this year, totaling over RMB 15 billion. This achievement underscores China’s significant contributions to the internationalization of the RMB and the expansion of the nation’s shipping industry on the global stage.