CSET to Order 14 New Tankers

The Board of Directors of COSCO Shipping Energy Transportation (CSET) has approved an investment in 14 new tankers, the company said in a regulatory filing.

As informed, Dalian Shipbuilding will be in charge of constructing four new ships of 32,000 dwt and three crude oil tankers of 160,000 dwt.

CSSC Offshore & Marine Engineering (Group) Company Limited (COMEC), formerly Guangzhou Shipyard International Company Limited (GSI), would be entrusted with the construction of five 110,000 dwt oil tankers while China Shipbuilding International Trading would be in charge of building two 65,000 dwt oil tankers.

CSET said that the shipbuilding contracts for the newbuildings are yet to be signed. Details on the delivery dates have not yet been disclosed.

In order to finance the acquisition, the company will be raise funds worth RMB 5.4 bn (USD 814 mn) by issuing new shares.

Separately, COSCO Shipping Energy Transportation said that it would acquire 50% stake in four LNG vessels intended for the Yamal LNG Project from Japanese Mitsui O.S.K. Lines (MOL).

The net profit from the continued operation of the oil and gas transportation business of the group for the nine months ended 30 September 2017 was RMB 1.248 billion, down by 16.2% on a year-on-year basis, mainly due to a year-on-year decrease of 40%-60% in the daily revenue level in the oil transportation market in the first three quarters of the year.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2018 >>
MTWTFSS
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 31 1 2 3 4

Ocean Energy Europe Conference & Exhibition 2018

The annual Ocean Energy Europe Conference & Exhibition is the meeting point for the whole ocean energy sector…

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 >

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 >

Offshore Energy Exhibition & Conference (OEEC)

It is unique in bringing together the oil and gas, offshore wind and marine energy industry…

read more >