COSCO’s tanker division has unveiled a new fleet expansion plan.
According to Splash247, Cosco Shipping Energy Transportation has issued shares worth 8 billion Renminbi on the stock exchange with the aim of raising enough cash to commission the construction of three Aframaxes, six VLCCs and two LNG carriers.
The contract is worth €1.1 billion. The three Aframaxes are to be built at the COSCO Shipping Heavy Industry (Yangzhou) subsidiary. Dalian Shipbuilding Industry Corporation (DSIC) has secured the order for all the other vessels.
Translation by Giles Foster
