COSCO Shipping Energy Transportation has announced its intent to enter into shipbuilding contracts with COSCO Shipping Qidong Offshore for the construction of two Panamax crude oil tankers at a total cost of CNY1.018 billion ($140 million).
The group reported that its wholly-owned subsidiary, Hainan COSCO Energy, will act as a co-buyer for the vessels.
Each vessel features a deadweight of 74,900 at structural draught and will be funded through a mix of internal and external capital. The company stated that 80 per cent of the consideration will be covered by external financing, with the remaining 20 per cent provided by internal resources.
The company noted that the delivery of the first tanker is expected to take place on or before October 31, 2028, while the second vessel is scheduled for completion by November 30, 2028.
CSET said the tankers will be equipped with systems capable of using biofuels or methanol.
The company reported that the price of each tanker was determined through an evaluation of technical capability and delivery schedules from various shipyards. Following a counter-offer process, the group selected Qidong Offshore based on its construction experience and payment terms.
