COSCO Shipping Energy Transportation (CSET) signed a contract with Guangzhou Shipyard International for construction of seven more ships, as part of its fleet renovation, on 15 December.
The deal includes two 64,900 DWT crude oil tankers, two 109,900 DWT refined oil / crude tankers and three 114,000 DWT crude oil tankers, and aims to ‘optimize the structure of COSCO’s tankers and enhance the overall competitiveness of the fleet’.
Earlier in 2017, CSET announced it would place an order in Dalian Shipbuilding for the construction of four 32,000 dwt ships and for three 160,000 dwt crude oil tankers, in Guangzhou Shipyard International for five 110,000 dwt oil tankers and in China Shipbuilding International Trading for two 65,000 dwt oil tankers.
In order to to finance the order of the new tankers, CSET will raise USD814 million funds by issuing new shares.
