COSCO Orders Ten VLCCs and Lines Up 14 More via Charters

· Shipping · China

COSCO Shipping Energy Transportation unveiled a major tanker fleet expansion involving 24 very large crude carrier newbuildings. The Shanghai- and Hong Kong-listed owner signed contracts worth RMB9.48bn (about $1.42bn) for ten supertankers and lined up another 14 through long-term bareboat charters. The disclosure was made in a company filing. The move deepens state-linked Chinese ownership in the VLCC segment, where freight rates have been volatile. New tonnage of this scale adds to the global orderbook and will affect the supply-demand balance in crude tanker shipping when the ships deliver.

Why it matters：A 24-ship VLCC commitment from a top Chinese owner shifts the tanker orderbook and signals that state-linked players intend to grow market share even as freight earnings swing.

Key points

  • Ten VLCCs are contracted outright for RMB9.48bn ($1.42bn).
  • Another 14 supertankers will come through long-term bareboat charters.
  • The company is listed in both Shanghai and Hong Kong.

Sources (original reporting)

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