Cosco Shipping Energy Transportation Seals Half A Billion Loan

Cosco Shipping Energy Transportation (CSET) has signed a loan agreement with Export Import Bank of China (China EximBank) worth USD 543.9 million.

As disclosed, the funds will be used to finance around 70 percent of construction of ten newbuild tankers.

The newbuilding ships include seven VLCC and three LR1-type tankers.

Cosco Corporation’s energy arm said in a stock exchange filing that the agreed loan period will be 12 years applicable after the delivery of each ship.

Formerly known as China Shipping Development Company Limited, CSET specializes in shipping of oil products and liquefied natural gas.

As of June 2016, the company operated 105 tanker vessels, including ten LNG carriers, with a total shipping capacity of 16.8 million DWT and held an order for 25 tanker vessels, 24 of them being LNG carrier newbuilds.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

CWC World LNG & Gas Series: 10th Asia Pacific Summit

Bringing together the key LNG buyers and sellers from across the globe, the Summit provides…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >

Singapore International Bunkering Conference and Exhibition (SIBCON)

The 20th edition of the Singapore International Bunkering Conference and Exhibition (SIBCON) will be about inspiring change…

read more >