COSCO Shipping Energy Plans $378M Investment in Six Tankers

COSCO Shipping Energy Transportation (CSET) has unveiled plans to invest CNY 3.496 billion ($378.3 million) in the construction of six new tankers.

The board of the COSCO Shipping Group’s oil and gas transportation division has approved the order, which consists of two aframax tankers, two LR2 vessels, and two panamax tankers, according to a company filing.

Pending shareholder approval, the newbuildings will be constructed at COSCO Shipping Heavy Industry’s shipyards.

The 74,000 dwt panamax crude and product tankers will be built at the Dalian facility, with an estimated cost of $64 million per vessel. These ships, ordered under CSET’s subsidiary, Hainan COSCO Shipping Energy Transportation, will be methanol fuel-ready.

The remaining orders will go to COSCO Shipping Heavy Industry Yangzhou. The 114,200 dwt aframax tankers, featuring methanol dual-fuel engines, will be built at $86 million per vessel, while the 109,900 dwt LR2 tankers are expected to cost $89 million each.

CSET operates a fleet of over 150 crude and product tankers and holds shares in nearly 90 LNG carriers, alongside LPG and chemical tankers. The company recently announced a $1.1 billion fundraising initiative to support an 11-ship newbuilding program, which includes three aframax tankers, six VLCCs, and two LNG carriers.