Cosco Shipping Energy signs for seven tankers at GSI

Cosco Shipping Energy signs for seven tankers at GSI

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.


Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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