On the afternoon of December 15, COSCO SHIPPING Development Co., Ltd. (referred to as "COSCO SHIPPING Development," stock codes: SH:601866/HK:2866) successfully convened its third extraordinary general meeting of shareholders for 2025 in person. All proposed resolutions were overwhelmingly approved, laying a robust groundwork for the company's upcoming phase focused on core responsibilities, deepening industry-finance synergy, and fostering value creation.
The meeting overwhelmingly endorsed multiple proposals, including commissioning COSCO Shipping Heavy Industry to construct 23 bulk carriers, signing the 2026-2028 routine connected transaction agreement with COSCO Shipping Group and setting annual transaction limits, as well as entering into the 2026-2028 Financial Services Agreement with COSCO Shipping Finance and establishing corresponding annual transaction ceilings.
Leveraging the synergistic strengths of COSCO SHIPPING Group's comprehensive industry chain and its own expertise in managing the full lifecycle of vessels, the company has been making consistent progress in the ship leasing business in recent years. Previously, relevant industrial-financial cooperation projects were approved by the board of directors and have garnered widespread support from the capital market. The company has commissioned COSCO Shipping Heavy Industry to construct 23 methanol-ready bulk carriers of 87,000 DWT and Dalian Shipbuilding Industry to build 6 VLCC crude oil tankers of 307,000 DWT, with a total investment of approximately RMB 12.4 billion. Upon delivery, the vessel will be leased on a long-term basis. This not only enables the company to further diversify its fleet portfolio and enrich its industry-finance collaboration models but also fosters a stable revenue growth stream, facilitating more robust value creation. Meanwhile, by promoting the deployment of high-efficiency eco-friendly vessels, the company will actively contribute to the green transformation and structural optimization of the shipping industry chain.
At the meeting, the company's management extended sincere appreciation to shareholders for their enduring attention and steadfast support, and reiterated their unwavering confidence in the company's resilient and sustainable growth trajectory. Since 2025, in response to the global economic landscape, COSCO SHIPPING Development has tapped into its potential, sustained steady operations, strengthened industrial chain synergies, continuously unleashed the momentum of technological innovation, and actively enhanced market value management, thereby achieving steady improvements in operational quality and efficiency. As we enter the new development phase of the "15th Five-Year Plan," the company will further strengthen its three core functions of "industrial operation, financial services, and investment," continuously enhance value creation capabilities, forge distinctive competitive advantages, and strive to deliver even greater returns to shareholders while injecting robust momentum into the high-quality development of the shipping industry.
