COSCO Shipping Energy Transportation Co Ltd(CSET, 600026) has announced a massive RMB 34.96 billion ($4.8 billion) investment to build six cutting-edge oil tankers at COSCO Shipping Heavy Industry’s shipyards. This move strengthens the company’s green energy transition and enhances its global oil transport dominance.
The Investment Breakdown:
2 x 74,000 DWT Methanol-Ready Panamax Crude/Product Tankers – Built at Dalian COSCO Shipping Heavy Industry, RMB 4.69 billion per ship
2 x 114,200 DWT Aframax Methanol Dual-Fuel Crude Tankers – Built at Yangzhou COSCO Shipping Heavy Industry, RMB 6.29 billion per ship
2 x 109,900 DWT LR2 Methanol Dual-Fuel Crude/Product Tankers – Built at Yangzhou COSCO Shipping Heavy Industry, RMB 6.5 billion per ship
Aiming for Green Leadership: These tankers are methanol-ready or methanol dual-fuel, reinforcing COSCO’s commitment to low-carbon shipping and environmental sustainability.
Global Market Expansion: With oil transport routes shifting due to geopolitical changes, this move strengthens COSCO’s competitive edge in both domestic and international markets.
Seizing Market Trends: Oil tanker prices have hit a 15-year high, and COSCO is strategically securing fleet capacity to stay ahead of rising demand.
More Than Just 6 Tankers!
This is only part of a larger fleet expansion strategy! Since December 2023, COSCO has ordered 20 new vessels, including 18 oil tankers and 2 LNG carriers, pushing total investment beyond RMB 150 billion! Additionally, COSCO is raising RMB 80 billion through an A-share private placement to build 6 VLCCs, 2 LNG carriers, and 3 Aframax tankers.
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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