COSCO Shipping Energy Transportation (CSET) has approved the proposal for the order of 14 new tankers. The shipbuilding contracts for the new tankers will be signed soon.
CSET will place an order in Dalian Shipbuilding for the construction of four 32,000 dwt ships and three 160,000 dwt crude oil tankers.
Furthermore, CSSC Offshore & Marine Engineering, formerly Guangzhou Shipyard International Company Limited (GSI), will be in charge of constructing five 110,000 dwt oil tankers, with China Shipbuilding International Trading building two 65,000 dwt oil tankers.
In order to to finance the order of the new tankers, CSET will raise $814m funds by issuing new shares.
Additonally, according to CSET, the company will acquire 50% stakes in four LNG vessels which will be used in the Yamal LNG Project by Japanese Mitsui O.S.K. Lines (MOL).