COSCO Shipping Energy Transportation (CSET) has entered into shipbuilding contracts for the construction of 19 new vessels with an aggregate value of CNY7.88 billion ($1.08 billion).
The orders have been placed with three shipyard subsidiaries of its parent company, COSCO Shipping Heavy Industry.
The extensive order comprises one ethylene carrier and 18 oil tankers, scheduled for delivery between 2027 and 2029.
COSCO Shipping Heavy Industry Yangzhou has secured orders for two 114,200 DWT Aframax methanol dual-fuel crude oil tankers and two 109,900 DWT LR2 methanol dual-fuel product/crude oil tankers.
These vessels are commissioned by subsidiary Hainan COSCO Energy for a combined CNY2.48 billion.
COSCO Shipping Heavy Industry Dalian will construct one 9,000-cubic-metre LNG dual-fuel ethylene carrier for Dalian COSCO Energy.
Additionally, the Dalian yard will build two LR1 product/crude tankers, three MR product/crude tankers, and four MR crude oil tankers directly for CSET.
Meanwhile, COSCO Shipping Heavy Industry Guangdong has been contracted to build five MR product/crude oil tankers.
The company stated that the investment aims to optimise its fleet structure, enhance market competitiveness, and adopt LNG and methanol dual-fuel systems.
