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>

<< Apr 2020 >>
MTWTFSS
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 1 2 3

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >