China’s COSCO SHIPPING Energy Transportation is widening its gas carrier operations through an ethylene carrier newbuilding project priced at RMB335m (about USD 50.3m) at affiliated COSCO SHIPPING Heavy Industry (Dalian).
The shipowner said its board on October 28 cleared construction of a 9,000 cubic metre multi-purpose ethylene carrier via its subsidiary Hainan Zhaogang Shipping.
Total investment in the project, according to the announcement, comes to roughly RMB341m (about USD 51.2m).
The vessel is expected to be delivered and put into operation within 18 months after the contract takes effect.
As announced, the newly built ethylene carrier will feature an LNG dual-fuel propulsion system and be equipped with energy-saving and intelligent systems.
Internal resources and external financing will fund the construction of the 9,000 cubic metre multi-purpose ethylene carrier.
The purchase price shall be paid in five installments in RMB, based on the progress of the vessel’s construction.
In line with the growing global demand for ethylene transportation, COSCO SHIPPING Energy Transportation aims to capitalize on market opportunities by expanding its fleet with additional ethylene carriers, a vessel type currently in short supply. Consequently, this will expand the company’s market share in both domestic and international ethylene transportation and enhance its customer service capabilities.
The transaction has been reviewed and approved on October 28 at the 15th meeting of the board of directors for the year 2026.
