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The tanker division of the world’s largest shipowner is readying $1.1bn for its newbuilding programme.
COSCO Shipping Energy Transportation is issuing RMB8bn worth of A shares to raise cash to build three aframaxes, six VLCCs and two LNG carriers.
The aframaxes will be built by sister firm COSCO Shipping Heavy Industry (Yangzhou), while all the other vessels are slated for construction at Dalian Shipbuilding Industry Corporation (DSIC).
“The vessel construction projects will further optimise the fleet structure, enlarge LNG transportation capacity and further improve competitiveness on domestic and international oil trading market,” the company said in a release.
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