COSCO Shipping Energy Orders Seven Tankers

Dec 19, 2017

COSCO Shipping Energy Transportation is moving forward with its fleet renovation plans with an order for seven more ships at compatriot Guangzhou Shipyard International Company Limited (GSI), owned by CSSC Offshore & Marine Engineering Company Limited.

The order will include two 64,900 dwt crude oil tankers, two 109,900 dwt LR2 vessels and three 114,000 dwt crude tankers, totaling in an investment worth approximately USD 323 million (RMB 2.14 billion.).

The delivery of the Panamax tanker pair is expected in the first quarter of 2020, while the LR2/Aframax duo is to be handed over to its owner in October 2020 and 2021 respectively.

The final trio from the batch should join the company’s fleet in April and August 2020 respectively, the company informed.

In October this year, CSET revealed plans to order 14 tankers at compatriot yards, including four 32,000 dwt and three crude oil tankers of 160,000 dwt at Dalian Shipbuilding, five tankers at GSI and two 65,000 dwt oil tankers at China Shipbuilding International Trading.

In order to finance the acquisition, the company said it would raise funds worth RMB 5.4 bn (USD 814 mn) by issuing new shares.

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