Cosco Shipping Specialized Carriers has struck $1.11bn charter deals of up to 15 years with three Chinese leasing companies for a series of woodchip carrier newbuildings.

It said it has chartered 12 ships of 70,000 dwt from Bank of Communications Financial Leasing (Bocomm Leasing), China Merchants Bank Financial Leasing (CMB FL) and SPDB Financial Leasing (SPDB FL).

Cosco Shipping said it is paying $16,900 per day for each vessel and is chartering them for between 177 and 179 months.