COSCO Shipping Energy Transportation Orders Tanker Duo at DACKS

COSCO Shipping Energy Transportation has ordered two 308,000 dwt tankers from compatriot Dalian COSCO KHI Ship Engineering Co (DACKS), a subsidiary of COSCO Shipping.

The Hong Kong-listed company said the value of the deal is USD 152 million and that the construction of the new ships will be financed predominantly by bank loans.

Specifically, approximately 70 percent of the price will be covered by bank borrowings and approximately 30 pct of the price by internal financial resources, the shipping company said in a regulatory filing.

The ships are slated for delivery in August 2020 and January 2021 respectively.

The rationale behind the order is the expectation of the company’s directors that the demand in the import crude oil transportation market will pick up and continue growing in the coming years.

The directors are of the view that the construction and ownership of the tankers will enable the group to take advantage of the business opportunities in the shipping market, enjoy economies of scale, optimize its overall route arrangements and improve its operating efficiency and profitability,” the filing reads.

The transaction is yet to be approved by the shareholders at an extraordinary general meeting scheduled for January 22.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
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

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >