COSCO Shipping Energy to acquire 19 new vessels for fleet expansion

COSCO Shipping Energy Transportation has entered agreements with affiliated shipyards of COSCO SHIPPING Heavy Industry Co., Ltd. for the construction of 19 new vessels, totaling RMB 7.88198 billion (including tax). The investment, including capitalized interest and supervision fees, is approximately RMB 8.124 billion. This move aims to enhance energy supply chain resilience, optimize fleet structure, and strengthen market competitiveness. The new vessels, which include LNG dual-fuel ethylene carriers, Aframax crude oil tankers, LR2 and MR product/crude oil tankers, are expected to be delivered between 2027 and 2029.

The company's board of directors approved the transactions on December 12, 2025, with related parties abstaining from voting. These transactions are subject to shareholder approval and are deemed necessary to meet growing demand for oil, gas, and chemical product transportation. The pricing for these newbuilds was determined through competitive bidding, with affiliated shipyards offering favorable terms compared to independent third-party shipyards.

Additionally, COSCO Shipping Energy also announced the use of raised capital to replace RMB 169,696,056.00 in self-funded investments in fundraising projects and RMB 2,741,431.29 in self-funded issuance expenses. The board approved an associated daily related-party transaction with Beihai Shipping, setting a limit of RMB 250 million for 2025.