COSCO Shipping Expands Fleet with New LNG Carrier Orders

By Eve Church

Updated September 11, 2024 at 08:44 am Published September 11, 2024 at 11:28 am Etc/UTC

COSCO Shipping Energy Transportation (CSET) is moving forward with plans to grow its fleet by ordering new LNG carriers from Dalian Shipbuilding Industry Co (DSIC).

The energy-focused division of COSCO Shipping Group has greenlit the construction of two 175,000 cubic meter vessels, each priced at approximately $254.6 million. These newbuilds will be developed through COSCO Shipping LNG Investment, a subsidiary of the company.

Currently, COSCO’s energy division manages over 150 crude and product tankers and holds shares in around 70 LNG carriers.

In a related project, last year COSCO, through a joint venture with Sinopec, commissioned DSIC to construct three LNG vessels for delivery in 2027 and 2028. Specific delivery dates for the two newly approved carriers have not yet been disclosed.