COSCO Shipping Energy Transportation (CSET) has outlined a CNY 3.496 billion ($378.3 million) investment for the construction of six new tankers, pending shareholder approval.
The company’s board has greenlit the acquisition of two aframaxes, two LR2s, and two panamax tankers, with construction to be carried out at COSCO Shipping Heavy Industry’s group yards.
Two 74,000 dwt panamax crude and product tankers, methanol fuel-ready, will be built in Dalian for CSET subsidiary Hainan COSCO Shipping Energy Transportation. Each vessel is expected to cost around $64 million.
The remaining four tankers will be constructed at COSCO Shipping Heavy Industry Yangzhou. The 114,200 dwt aframaxes, featuring methanol dual-fuel engines, are priced at $86 million each, while the 109,900 dwt LR2 tankers, similarly equipped for methanol propulsion, will be delivered at $89 million per ship.
CSET, the energy shipping division of COSCO Shipping Group, operates a fleet exceeding 150 crude and product tankers, alongside investments in nearly 90 LNG carriers and a portfolio of LPG and chemical tankers. The company is also pursuing a broader expansion strategy, recently announcing a $1.1 billion fundraising initiative for an 11-ship newbuilding program that includes three aframaxes, six VLCCs, and two LNG carriers.