Cosco Shipping Specialized Carriers is planning to raise funds of RMB3.5bn for leasing and construction of 30 vessels to meet the growing business demands and improve profitability.

The fund will be used to lease 29 multi-purpose pulp carriers, including twelve 62,000 tonne, twelve 70,000 tonne and five 68,000 tonne multi-purpose vessels, and build one 65,000 tonne semi-submersible vessel.

“Driven by China’s equipment export and global new energy development, demands of multi-purpose vessels and heavy-lift vessels are staying at a high level. The energy transformation opportunity brought by carbon neutral is promoting the development of offshore wind power sector as well as oil & gas exploitation, the demands of semi-submersible vessel will further increase,” said Cosco Shipping Specialized Carriers. 

Related: COSCO Shipping Specialized Carriers acquiring seven bulk carriers

The company has inked a number of long-term contracts with Metsafibre and other international pulp companies which will increase the scale of its businesse and expand the market share. Meanwhile, the semi-submersible fleet of the company has been deployed on large-size projects which is expected to obtain stable profits.

As the end of 2022, Cosco Shipping Specialized Carriers and its subsidiaries owned and operated a fleet of 107 vessels.