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Monday, 17/02/2025, 19:25 (GMT +7)
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COSCO Shipping to build six new oil tankers
COSCO Shipping Energy Transportation (CSET) invested US$378.3 million in a project to build six new oil tankers, including aframax, LR2 and panamax, using advanced methanol fuel technology.
(Source: COSCO Shipping)
COSCO Shipping Energy Transportation (CSET) has planned to invest 3.496 billion yuan (equivalent to US$378.3 million) to build six new oil tankers.
According to the announcement, the board of directors of CSET – the oil and gas transportation unit of COSCO Shipping Group – has approved the project to build two new aframax, two LR2 and two panamax vessels. However, the plan still needs to be approved by shareholders before it can be officially implemented. The construction of the new vessels will be undertaken by shipyards under COSCO Shipping Heavy Industry.
Specifically, two 74,000 DWT panamax tankers will be built in Dalian for around $64 million each for its subsidiary Hainan COSCO Shipping Energy Transportation. Both are designed to be fueled with methanol.
Meanwhile, COSCO Shipping Heavy Industry Yangzhou will take over the remaining orders. Two 114,200 DWT aframax tankers, powered by methanol dual-fuel engines, will cost $86 million each. Two 109,900 DWT LR2s, also equipped with similar engines, will cost $89 million each.
CSET currently owns more than 150 crude and product oil tankers, and has stakes in nearly 90 LNG tankers, in addition to LPG and chemical tankers. The company also recently announced plans to raise $1.1 billion to build 11 new vessels, including three aframaxes, six VLCCs and two LNG carriers.
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Source: Phaata.com (According to Splash247)
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