COSCO Shipping Energy Transportation (01138) plans to invest in the construction of 6 large oil tankers with a capacity of 307,000 tons each.

COSCO Shipping Energy Transportation (01138) announced that on November 12, 2024, after deliberation, the board of directors approved its wholly-owned subsidiary, Hainan COSCO Shipping Energy Transportation Co., Ltd. (hereinafter referred to as "Hainan Energy Company"), to invest in the construction of 6 307,000 deadweight ton Very Large Crude Carriers ("VLCCs"). 1. Hainan Energy Company, as the buyer, signed 6 shipbuilding contracts with Dalian Shipbuilding Industry Group Co., Ltd. (hereinafter referred to as "DSIC") and China CSSC Industrial & Trading Co., Ltd. as joint sellers, agreeing to have DSIC build 6 307,000 deadweight ton VLCCs for Hainan Energy Company. The total price of the 6 ship contracts is RMB 5.748 billion (including taxes). 2. The company will use its own funds to increase the capital of Hainan Energy Company, with the capital increase amount not exceeding RMB 1 billion, to solve some of its investment fund sources.