Cosco Shipping Energy Transportation (CSET), the tanker unit of China Cosco Shipping, has approved a proposal to order a total of 14 tankers at two state-run domestic yards.
CSET will order four 320,000 dwt VLCCs and three 160,000 dwt crude tankers at Dalian Shipbuilding Industry (DSIC), and five 110,000 dwt tankers and two 65,000 dwt tankers at CSSC Offshore & Marine Engineering, formerly known as Guangzhou Shipyard International.
The official shipbuilding contracts will be signed soon.
Additionally, CSET has approved a proposal to acquire 50% stakes in four LNG carriers in Russia’s Yamal LNG project from Japanese shipping major Mitsui OSK Lines (MOL).
CSET will issue new shares to specific investors including parent China Cosco Shipping Corporation to raise a total of RMB5.4bn ($815m). All the proceeds will be used for investment of new ships.
CSET currently operates a fleet of 117 tankers, and has another 11 newbuildings under construction at DSIC and CSSC Offshore & Marine Engineering.