On November 12, COSCO SHIPPING Energy Transportation issued the “Resolution Announcement of the 13th Board of Directors Meeting in 2024”.
The announcement disclosed that the board of directors of COSCO SHIPPING Energy Transportation approved its wholly-owned subsidiary COSCO SHIPPING Energy Transportation Hainan to sign six shipbuilding contracts as the buyer and Dalian Shipbuilding Industry Corporation(DSIC) and China Shipbuilding Trading Co. Ltd (CSTC) as joint sellers. It is agreed that DSIC will build six 307,000 DWT very large crude carriers (VLCCs) for COSCO SHIPPING Energy Transportation Hainan, with a total contract price of RMB 5.748 billion (including tax, about US$796 million).
If the contract takes effect, the project will be the second time that COSCO SHIPPING Energy Transportation has ordered ships from DSIC this year. Earlier in September, the company issued the “Announcement of the Resolution of the Ninth Board Meeting of 2024”, stating that the company’s board of directors agreed that its subsidiary COSCO SHIPPING LNG Investment (Shanghai) would invest in the construction of two 175,000 cubic meter LNG carriers at DSIC through its wholly-owned subsidiary COSCO LNG Investment, with a total investment of approximately US$509.23 million (approximately RMB 3.625 billion).