Orient Overseas (International) Limited (OOIL), the parent company of leading global shipping operator OOCL, has signed contracts to build 14 state-of-the-art container vessels equipped with dual-fuel engines capable of running on methanol. This move marks a significant step in the company’s environmental and fleet expansion strategy.
The total value of the deal amounts to $3.08 billion, with each vessel priced at $220 million. The ships will be constructed at shipyards in Nantong and Dalian, both affiliated with COSCO Shipping, the controlling shareholder of OOIL.
Deliveries are scheduled between the third quarter of 2028 and the third quarter of 2029. The new vessels will feature eco-friendly fuel technologies, specifically dual-fuel methanol engines, supporting OOCL’s commitment to reducing emissions and meeting growing customer demand for low-carbon supply chain solutions.
This order follows OOCL’s previous fleet renewal initiatives. Since 2020, the company has contracted 29 vessels from the same shipyards, including seven dual-fuel 24,000 TEU container ships ordered in 2022.
Although the exact specifications of the newly ordered ships have not been disclosed, OOCL emphasizes their versatility and suitability for a wide range of trade routes and port terminals. Up to 60% of the contract value will be financed through external debt and bank loans, with the remainder covered by internal resources. The transaction is subject to approval by independent shareholders and COSCO SHIPPING Holdings.
“These investments align with our long-term strategy to steadily expand fleet capacity and ensure balanced growth,” the company stated, adding that “the vessels are flexible and suitable for a broad range of trades and terminals.”
