COSCO subsidiary Orient Overseas Container Line (OOCL) has ordered ten 16,000-TEU capacity ships for US$1.5 billion with two Cosco-controlled shipyards in China for delivery between the fourth quarter of 2024 and the end of 2025, reports IHS Media.
The ships will be built by Nantong and Dalian yards, both of which are also handling a 2020 order from OOCL for twelve 23,000-TEU vessels.
OOCL told investors the latest vessel order is part of the group's plan to "consolidate its position in the first echelon of the industry".
The combined order book of Cosco Shipping and OOCL, not counting the 10 vessels, is 419,272 TEU. Sea-web data shows the 10 major container shipping companies have ordered 516,061 TEU of new capacity so far this year, taking the order book-to-fleet ratio to a five-year high of 17.5 per cent.
"Size still matters, but it is no longer the only thing that matters. Your ships must be ready to fit emerging trade lanes, and many of the new ships on order will be scrubber-fitted," said BIMCO analyst Peter Sand.
"It is very much a sign of the times too; you go big, or you don't go at all. You order four, five, or six ships, or as many as 20 units, in one go and at one yard only. The buying power is significant," said Mr Sand.
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