COSCO Shipping Energy Transportation disclosed in stock exchange filings on 9 November that two of its subsidiaries had signed shipbuilding contracts with COSCO Shipping Heavy Industry (Yangzhou) and CSSC’s Dalian Shipbuilding Industry Co (DSIC) for six and four VLCCs, respectively.
The first order is valued at approximately US$850M, with deliveries scheduled through November 2030. The vessels will incorporate LNG-fuel-ready systems and other energy-saving technologies.
The four VLCCs ordered at DSIC have a total contract value of approximately US$565M, with deliveries scheduled to be completed by May 2030.
These newbuildings will feature LNG/methanol dual-fuel-ready propulsion systems, alongside other energy-saving technologies.
Meanwhile, the Chinese group has also disclosed plans to bareboat charter 14 newbuild VLCCs from six domestic financial leasing companies, with total hire payments of up to US$2.6Bn.
COSCO will charter the vessels from Bank of Communications Financial Leasing, ICBC Financial Leasing, ABC Financial Leasing, BOC Financial Leasing, CITIC Financial Leasing and Minsheng Financial Leasing.
The charter periods for all 14 vessels will not exceed 20 years, with deliveries expected to take place progressively throughout 2030.
The series will comprise 10 LNG dual-fuel VLCCs and four conventionally fuelled vessels.
According to its website, COSCO Shipping Energy Transportation operates a fleet of more than 150 tankers with a combined capacity exceeding 20M dwt, including 140 owned vessels and 13 chartered-in ships.
COSCO Group has continued its heavy investment in newbuildings this year, following several years of strong ordering activity, with major recent deals for container ships and bulk carriers, among other vessel types.
Source: Riviera