On May 26, COSCO SHIPPING Energy held its eighth Board of Directors meeting for 2026, where it approved multiple proposals and issued an official announcement.

The announcement revealed that the Board has agreed to a project by Shanghai LNG to construct four LNG carriers.

Additionally, the company plans to sign a vessel chartering agreement with Navios Maritime Partners to lease two newly built LR2 tankers from Navios or its designated shipowners. The lease term is 62 months, with total rental payments amounting to approximately 111 million. These vessels are expected to be delivered successively within 2027. According to Clarksons data, Navios currently has nine Aframax/LR2 product tankers under construction at Changhong International, all equipped with scrubbers. One is scheduled for delivery in September this year, seven in 2027, and the final one is expected to be completed by mid-2028.

COSCO Shipping Energy stated that the LR2 leasing transaction aims to optimize its tanker fleet structure, maintain medium- to long-term capacity scale, enhance global capacity allocation and operational capabilities, and lay a solid foundation for boosting overall competitiveness and economic benefits.

Furthermore, Yuanhai Company, an indirect wholly-owned subsidiary, plans to sign a vessel chartering agreement with Seaspan Corporation to lease two large gas carriers from Seaspan's single-purpose subsidiaries. The lease term is 20 years, with total rental payments of approximately 472 million, and the vessels are expected to be delivered successively within 2028.

COSCO Shipping Energy added that this marks the second gas carrier deal reached with Seaspan this year. In January, Yuanhai Company signed a 20-year bareboat charter agreement involving three large gas carriers, also scheduled for delivery in 2028, with a total contract value estimated at 708 million. Citing industry sources, TradeWinds reported that based on the charter amounts, these vessels are likely Very Large Ethane Carriers (VLECs).

Yuanhai Company also plans to sublease the two large gas carriers chartered from Seaspan to a Chinese-funded charterer. This will involve two 20-year time-charter contracts with a total rental value of approximately 819 million. Currently, neither vessel is in operation; both are expected to be delivered within 2028.

COSCO Shipping Energy noted that the gas carrier leasing transactions aim to drive business restructuring and upgrading by deploying a new energy transport fleet. The vessels involved feature green, low-carbon technologies and multi-liquid cargo compatibility, catering to the transportation needs of various clean energy and chemical raw materials. This will help the company better meet the emerging business demands of key clients, enhance customer stickiness, broaden capacity development pathways, and consolidate supply chain partnerships.

Moreover, COSCO Shipping Energy will increase the capital of Hainan Neng by 141 million to fund milestone payments for a fundraising project involving the construction of six VLCCs and three Aframax tankers.