COSCO SHIPPING Energy greenlights new chemical tanker, logistics project

COSCO SHIPPING Energy Transportation announced that its board of directors has approved the construction of a new 9,200-ton stainless steel chemical tanker via its subsidiary, Shanghai COSCO SHIPPING Chemical Transportation. The total investment for the vessel is estimated at CNY 191 million, sourced from internal funds and external financing. Additionally, the board approved an investment in the West Zhongdao Chemical and New Energy Storage and Logistics Park project via its subsidiary, Dalian COSCO SHIPPING Energy Supply Chain. The total investment for the park's first phase is approximately CNY 683 million, funded by a mix of internal resources (CNY 37.825 million) and external financing. The company plans to set up a joint venture capitalized at CNY 37.825 million, of which CNY 20.804 million will come from Dalian Haikun and have 55% stake. The Board believes that both projects are economically viable and will strengthen the company's position in chemical transportation and the burgeoning new energy sector.