COSCO Shipping Energy to lease six new VLCCs, appoint director

COSCO Shipping Energy Transportation will hold its Third Extraordinary General Meeting of Shareholders on December 23, 2025, in Shanghai to approve two key proposals. The first involves a long-term lease of six new Very Large Crude Carrier (VLCC) vessels from COSCO Shipping Development. The lease term will be up to 240 months, ±90 days, starting from delivery. The average fixed daily rent for the six VLCCs is RMB 134,871 per vessel (excluding tax), with three vessels utilizing a fixed daily rent and the other three a "floor price + revenue share" model linked to the TD3C-TCE (Middle East to China route) index.

The second agenda item is the appointment of Ma Yuanru as a non-executive director. Ms. Ma, born in July 1973 and holding an MBA from Tsinghua University, currently serves as general manager of SDIC Development Investment Management Co., Ltd. Her term will commence upon approval by the shareholders' meeting and will run until the expiry of the Eleventh Board of Directors. These proposals were previously reviewed and approved by the company's Board of Directors in October and November 2025.