COSCO Expands VLCC Fleet with Six Newbuilds at DSIC

COSCO Shipping Energy Transportation (CSET) is expanding its fleet of Very Large Crude Carriers (VLCC) by adding six newbuilds at Dalian Shipbuilding Industry Co (DSIC).

The publicly traded oil and gas shipping division of COSCO Shipping Group plans to invest RMB5.748 billion ($795 million) in 307,000 dwt vessels through its subsidiary, Hainan Energy.

COSCO’s energy shipping segment currently operates a fleet of over 150 crude and product tankers and holds shares in around 70 LNG carriers. In September, the company also ordered two 175,000 cubic meter LNG carriers from DSIC, valued at approximately $254.6 million each. The delivery schedule for the new VLCCs, priced at roughly $132.5 million per unit, has not been revealed.

This year, COSCO Shipping has made waves with multiple newbuilding projects across various segments. Earlier in 2024, the company secured six tankers at COSCO Shipping Heavy Industry, followed by an order for 12 containerships of 14,000 TEU, eight newcastlemax bulk carriers, and its largest single shipbuilding order for 42 bulkers, totaling over $2 billion.