On January 26, COSCO SHIPPING Energy Transportation Co., Ltd. released the Announcement on the Resolutions of the First Board of Directors Meeting in 2026, at which the Proposal on COSCO SHIPPING Petroleum’s Investment in the New Construction of Two MR Tankers was reviewed and approved.
The announcement disclosed that COSCO SHIPPING Energy Transportation’s subsidiary, COSCO SHIPPING Petroleum, invested in the construction of two MR product/crude oil tankers at Guangzhou Shipyard International (GSI). The total investment for each vessel is approximately RMB 360 million (of which the contract price (including tax) is RMB 349 million per vessel), and the total investment for the two vessels is approximately RMB 720 million (approximately US$103 million).
It is worth noting that on December 12 last year, COSCO SHIPPING Energy Transportation issued an announcement stating that the company and its subsidiaries signed construction contracts for 19 vessels with three affiliated shipyards of its related party, COSCO Shipping Heavy Industry, with a total contract price of RMB 7.88198 billion (approximately US$1.133 billion) including tax, covering a diverse range of vessel types from ethylene carriers to various clean fuel tankers.
On December 8, 2025, COSCO SHIPPING Group and China State Shipbuilding Corporation signed an order for 87 new vessels, with a total contract value of approximately RMB 50 billion (approximately US$7.185 billion), of which approximately RMB 47 billion was settled in cross-border RMB. This set a “double record” for the highest single cooperation contract amount and the highest cross-border RMB settlement amount in the history of China’s shipbuilding industry.