COSCO Shipping Energy's Board approved a strategic investment in six 307,000 DWT VLCCs, to be built by Dalian Shipbuilding Industry Company (DSIC) and China Shipbuilding Trading Company for a total of RMB 5.748 billion. This major step aims to expand their tanker fleet and meet the increasing demand for energy transport across global markets.
To support this expansion, CSET will increase its funding to its subsidiary, COSCO Shipping Energy Hainan, by up to RMB 1 billion.
CSET also approved an acquisition loan to integrate its chemical logistics chain.
With these moves, COSCO Shipping Energy not only solidifies its standing in energy transport but also reinforces its strategic position in logistics.