Cosco approves order for 14 tankers

The Cosco crude oil tanker Mt Xin Wei Yang

The board of directors at Cosco Shipping Energy Transportation (CSET) has approved a proposal to order a total of 14 tankers for construction at two state-run domestic yards.

CSET, which is the tanker unit of China Cosco Shipping, will order four 320,000DWT very large crude carriers (VLCC) and three 160,000DWT crude tankers at Dalian Shipbuilding Industry (DSIC).

It will also order five 110,000DWT tankers and two 65,000DWT crude tankers at CSSC Offshore and Marine Engineering, formerly known as Guangzhou Shipyard International.

Cosco will issue new shares worth RMB 5.4 billion (US$814 million) to finance the purchases.

Additionally, CSET has approved a proposal to acquire a 50 per cent stake in four LNG carriers in Russia’s Yamal LNG contract from Japanese shipping major Mitsui OSK Lines (MOL).

A company stock exchange filing valued the investment at EUR754.7 million (US$877 million).

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