COSCO unveils massive supertanker fleet push

AI Summary

COSCO Shipping Energy Transportation plans a major fleet expansion involving 24 very large crude carriers, including ten newbuildings contracted for RMB 9.48 billion and 14 additional vessels to be obtained through long-term bareboat charters. The company disclosed the expansion in a move that could increase its tanker capacity.

Chinese tanker giant COSCO Shipping Energy Transportation has unveiled a sweeping fleet expansion involving 24 VLCC newbuildings, signing contracts worth RMB9.48bn ($1.42bn) for ten supertankers and lining up another 14 through long-term bareboat charters. The Shanghai- and Hong Kong-listed owner disclosed the deals on November 9, with its wholly owned subsidiary Hainan Cosco Shipping Energy …