- COSCO Shipping Energy Transportation (CSET) plans to invest $378.3 million in building six new tankers.
- The order includes two Aframax, two LR2, and two Panamax tankers, with methanol fuel-ready designs.
- CSET is expanding aggressively, with a $1.1 billion fundraising initiative for an 11-ship new building program.
COSCO Shipping Energy Transportation (CSET) has approved a $378.3 million investment to construct six new tankers. The order, awaiting shareholder approval, includes two Aframax, two LR2, and two Panamax tankers, supporting CSET’s growing oil and gas transportation division, reports Maritime Bell.
Strategic Newbuilds Across COSCO’s Shipyards
The 74,000 dwt Panamax crude and product tankers will be built at COSCO Shipping Heavy Industry’s Dalian facility at an estimated $64 million per vessel. These ships, part of CSET’s Hainan COSCO Shipping Energy Transportation unit, will be methanol fuel-ready, aligning with the company’s sustainability goals.
The 114,200 dwt aframax tankers, featuring methanol dual-fuel engines, will be constructed at COSCO Shipping Heavy Industry Yangzhou for $86 million per vessel. Additionally, the 109,900 dwt LR2 tankers will cost $89 million each, strengthening CSET’s fleet for global energy transport.
CSET’s Growing Fleet and Expansion Plans
With a fleet of over 150 crude and product tankers and stakes in nearly 90 LNG carriers, CSET is accelerating its expansion.
The company recently launched a $1.1 billion fundraising initiative to support an 11-ship newbuilding program, including three Aframax tankers, six VLCCs, and two LNG carriers.
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Source: Maritime Bell
