Cosco Shipping Energy Transportation has officially signed shipbuilding contracts with Guangzhou Shipyard International, a subsidiary yard CSSC Offshore & Marine Engineering, for the construction of seven tankers.
The seven vessels are made up of two 64,900 dwt crude tankers, two 109,900 dwt product tankers and three 114,000 dwt crude tankers.
The total value of the contract is RMB2.14bn ($323.7m), and the vessels are expected to be delivered in 2020 and 2021.
The contract follows Cosco Shipping Energy’s order for four VLCCs and three suezmax tankers at DSIC last month.
The company approved a proposal to order 14 tankers at the end of October, and will issue new shares to raise a total of RMB5.4bn to fund the construction of these ships.