On April 15, Cosco Shipping Energy issued an announcement regarding the investment and construction of two Panamax crude oil tankers.

According to the announcement, Hainan Hai Neng, a wholly-owned subsidiary of Cosco Shipping Energy (acting as buyer), intends to enter into construction contracts with Qidong Offshore Engineering (acting as seller) for two Panamax crude oil tankers. The total contract price (inclusive of tax, same hereinafter) amounts to $149 million.

Both Panamax crude oil tankers are scheduled for delivery and entry into operation in 2028. The newbuildings will effectively supplement the company's fleet capacity, enhance the overall competitiveness of its fleet, and consolidate and expand the company's market share in both domestic and international crude oil transportation. This will strengthen customer service capabilities and operational resilience, thereby generating a positive impact on the company's long-term operating revenue and profitability.

The announcement further noted that, including capitalized expenses such as interest during construction and supervision fees, the total investment for this project is approximately $153 million. The company intends to fund the vessel payments through a combination of internal capital and external financing.