On May 19, COSCO Shipping Energy Transportation Co., Ltd. (hereinafter referred to as “COSCO Shipping Energy” or “the Company”) issued an announcement stating that the board of directors of COSCO Shipping Energy approved the Company to charter four VLCCs from an independent third party for a period of 60-63 months, with a total rental income of approximately RMB 2.7 billion (approximately US$396 million) during the charter period.
According to its official website, COSCO Shipping Energy was established in June 2016 as a specialized subsidiary of COSCO Shipping Group engaged in the storage and transportation of petroleum products, liquefied natural gas (LNG), liquefied petroleum gas (LPG), and chemicals. The company was formed through the restructuring of the energy transportation divisions of the former China Ocean Shipping Company (COSCO) and China Shipping Group, and its operations span more than 300 ports worldwide, with a focus on its two core businesses: tanker transportation and LNG transportation.
In the tanker sector, as of 2025, COSCO Shipping Energy has placed cumulative orders for more than 20 new vessels with several Chinese shipyards. Some of these new vessels feature methanol dual-fuel or methanol-ready designs, with deadweight tonnage ranging from 50,000 to 114,200 tons.