Cosco places whopping 87-vessel order: Shanghai-based shipping giant Cosco Shipping has placed an order for 87 vessels from yards associated with China State Shipbuilding Corporation, Splash247 reports. The domestic order — the largest of its kind in China — is worth over RMB 50 bn (c. USD 7 bn), and includes several ship types, namely containerships, tankers, bulk carriers, and multipurpose vessels.

Specs and builders: The ships will reportedly involve energy-efficient designs, alternative-fuel-ready configurations, and AI-powered systems, dovetailing into the IMO’s decarbonization schemes, the news outlet reported. The vessels will be constructed across different yards, namely Jiangnan Shipyard, Guangzhou Shipyard International, Wuchang Shipbuilding, Dalian Shipbuilding, Beihai Shipbuilding, and Chengxi Shipyard.

Cosco’s riding a growth wave: The company announced a USD 1.75 bn newbuilding program for 29 ships in October, which includes 23 kamsarmax bulk carriers and six very large crude carriers. Cosco Shipping is looking to acquire a 20-30% stake in CK Hutchison — a Hong Kong-based global port operator with 43 ports under its portfolio including Panama Canal’s two major ports.

The African Development Bank (AfDB) is working to mobilize investments in a spate of infrastructure projects across the continent, the East African reported. Interest is already building up, with the multilateral lending institution securing interest in 39 bankable projects under a public-private partnership model at a combined investment ticket of USD 15 bn, AfDB’s President Sidi Ould Tah said at The Africa Investment Forum last week (watch, runtime: 0:46).

Here’s what we know about the line-up of logistics projects:

  • Tanzania is looking to raise funds for the USD 2.3 bn Tabora-Kigoma railway project, which will link the country’s port on the Indian Ocean at Dar es Salaam to the port of Mwanza on Lake Victoria. The line will also stretch to reach nearby Rwanda, Burundi, the Democratic Republic of Congo, and Uganda, in a bid to support intracontinental trade;
  • Zambia is in talks with AfDB to secure funds for its Lobito Corridor, which is slated to connect the mines in the copperbelt region in landlocked Zambia to Angola’s Lobito port. The project has an estimated EUR 1 bn ticket, and has secured financing interest for up to USD 500 mn from the US International Development Finance Corp;
  • Ethiopia is also shopping for financial backing for the Bishoftu Airport’s first phase development. The project — valued at around USD 12.5 bn — is already on AfDB’s radar, which is looking into providing a USD 500 mn facility while mobilizing up to USD 8 bn investments. The project is scheduled to wrap up construction by 2030.

Several projects have already secured financing from AfDB: Mauritania nabbed USD 275mn from the AfDB and EIB Global to back the expansion and rehabilitation of the iron ore freight line, the Zouerate–Nouadhibou. Meanwhile, AfDB approved a USD 214.5 mn facility to support the second phase of the South Sudan-Ethiopia-Djibouti road corridor, which will include building 67 km of new roads in Ethiopia and upgrading 363 km of existing roads across the countries.

Tags: