Cosco Shipping Energy orders 19 new vessels totaling RMB7.88 bn

Cosco Shipping Energy Transportation Co., Ltd. has announced shipbuilding contracts worth an aggregate of RMB7,882 million for one LNG dual fuel ethylene carrier and eighteen oil tankers. The contracts were signed with COSCO SHIPPING Heavy Industry (Dalian), COSCO SHIPPING Heavy Industry (Yangzhou), and COSCO SHIPPING Heavy Industry (Guangdong).

The orders include one 9,000 m³ LNG dual fuel ethylene carrier for RMB327.98 million, two Aframax methanol dual fuel crude oil tankers (RMB610 million each), and two LR2 methanol dual fuel product oil/crude oil tankers (RMB630 million each). Additionally, the company is acquiring two LR1 product oil/crude oil tankers for RMB456 million each, eight MR product oil/crude oil tankers for RMB349 million each, and four MR crude oil tankers for RMB342.5 million each.

These transactions are classified as discloseable and connected transactions under Chapter 14A of the Listing Rules, as the shipyards are indirect wholly-owned subsidiaries of COSCO SHIPPING, a controlling shareholder. An Extraordinary General Meeting will be convened for shareholder approval, with COSCO SHIPPING abstaining from voting. Deliveries are scheduled between 2027 and 2029.