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COSCO Shipping Energy Inks Deal for 19 New Vessels Worth Over $1 Billion
COSCO Shipping Energy Transportation (CSET), the energy transportation arm of the COSCO Shipping Group, has secured shipbuilding contracts for 19 vessels valued at CNY 7.88 billion (approximately $1.08 billion).
This substantial order has been awarded to three shipyards affiliated with its parent company, COSCO Shipping Heavy Industry. The entire 19-vessel fleet, consisting of one ethylene carrier and 18 tankers, is scheduled for delivery between 2027 and 2029.
Order Allocation Across Shipyards
The details regarding the allocation of orders and vessel types are as follows:
• COSCO Shipping Heavy Industry Yangzhou: Tasked with building four vessels for subsidiary Hainan COSCO Energy, totaling CNY 2.48 billion:
o Two 114,200 DWT Aframax crude oil tankers, Methanol dual-fuel.
o Two 109,900 DWT LR2 product/crude oil tankers, Methanol dual-fuel.
• COSCO Shipping Heavy Industry Dalian: Responsible for a significant portion of the order, including:
o One 9,000 cubic meter ethylene carrier, LNG dual-fuel, for Dalian COSCO Energy.
o Two LR1 product/crude oil tankers directly for CSET.
o Three MR product/crude oil tankers directly for CSET.
o Four MR crude oil tankers directly for CSET.
• COSCO Shipping Heavy Industry Guangdong: Commissioned to build five MR product/crude oil tankers.
Strategic Goals: Optimization and Sustainability
CSET stated that this major investment is designed to optimize its fleet structure, enhance market competitiveness, and specifically adopt LNG and Methanol dual-fuel systems.
The company stated that the investment aims to optimise its fleet structure, enhance market competitiveness, and adopt LNG and methanol dual-fuel systems.
This move underscores CSET's commitment to modernizing its energy fleet, meeting stricter environmental standards, and preparing for a greener and more efficient maritime future.
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Source: Phaata.com (According to Baird Maritime)
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