Cosco Shipping Energy Transportation agreed with Dalian Shipbuilding for the construction of HKD 4.32 billion (USD 553 million) worth of new ships.
Under the deals, signed on November 20, the company ordered four very large crude carriers (VLCCs) and three Suezmax tankers.
The new VLCCs are expected to be delivered in August, October, December 2020 and March 2021, respectively. The Suezmaxes are set to join their owner in August and November 2020 and January 2021.
The company has announced the proposed non-public issuance of A shares to finance the tankers.