Cosco Shipping Specialised Carriers is expanding its presence in the asphalt and bitumen carrier segment with an order for four newbuildings.
The Chinese company has struck a deal with compatriot Fujian Mawei Shipbuilding for a quartet of 9,000-dwt tankers.
Listed on the Shanghai Stock Exchange, Cosco Specialised said the order is part of the company’s “14th Five-Year Plan” strategy to diversify and expand its fleet.
It said the environmentally friendly and energy-saving vessels will further consolidate and enhance the company’s position and strength in the field of asphalt transport.
Cosco Specialised said the four 9,000-dwt newbuildings cost $98m, or $24.5m per ship.
The asphalt and bitumen carriers were ordered through Cosco Shipping Hong Kong Investment and Development — a wholly owned subsidiary of the company.
Fujian Mawei is scheduled to deliver the ships between October 2025 and August 2026.
Cosco Specialised currently has 12 asphalt and bitumen carriers of between 6,000 dwt and 13,300 dwt in trading. Six of the tankers are more than 14 years old.
The Guangzhou-based company said asphalt and bitumen carriers built before 2005 have been driven out of the core market by younger fuel-efficient and low-carbon emission vessels, as they are favoured by oil companies.
It added that globally there are only 21 asphalt and bitumen carriers of between 7,000 dwt and 9,000 dwt that are 10 years old or younger on the water.
“The overall fleet of asphalt and bitumen carriers is ageing and there is a shortage of high-end vessels, resulting in an increase in freight and charter rates,” Cosco Specialised said.
The company is taking the opportunity to order the four newbuildings under the current favourable market.
It believes the new ships will enhance its competitiveness.
Cosco Specialised projected the 9,000-dwt newbuildings would give an internal rate of return of 7.2% and would recover the cost of investment within 12 years.
