Chinese shipping giant COSCO SHIPPING Energy Transportation Co., Ltd. has expanded its orderbook with a chemical tanker newbuilding.
The Shanghai-based company said in a filing that its board has approved an investment of its wholly owned subsidiary in the construction of a new 9,200-dwt stainless steel chemical tanker at Wuchang Shipbuilding.
The company issued on May 23 the announcement on the seventh board of directors meeting in 2025. The project investment comes from self-owned funds and external financing.
COSCO SHIPPING Energy Transportation said that according to internal calculations and evaluations, the project is economically feasible and risk-controlled, which will help optimize the company’s chemical fleet structure and business layout and improve the overall profitability.
COSCO SHIPPING Energy Transportation Co., Ltd. is a specialized company engaging in shipment of energy, including oil and natural gas, operating under China COSCO SHIPPING Corporation Limited, a merged entity from the energy transportation arms of China Ocean Shipping Company and China Shipping Company.
