Behemoth China Cosco Shipping has placed a $2.89bn bet on methanol fuelling, with an order for 12 giant container ships at two yards within its umbrella.

The company’s Cosco Shipping Holdings unit said its Orient Overseas Container Line (OOCL) and Cosco Shipping Lines have placed orders for a dozen 24,000-teu ships.

The two liner companies signed deals at two Chinese yards that are joint ventures between the Cosco group and Japan’s Kawasaki Heavy Industries.