On December 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

At this week 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).

Contracts for 19 vessels

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.

MR Tanker

It is noteworthy that MR (Medium Range) tankers are versatile, mid-sized vessels typically ranging from 25,000 to 60,000 deadweight tonnage (DWT) used primarily to transport refined petroleum products and chemicals. They measure around 183 meters in length and feature specialized, coated tanks for carrying diverse, smaller-volume cargoes between refineries and consumption markets

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.

COSCO SHIPPING Energy

COSCO SHIPPING Energy Transportation Co., Ltd. a Shanghai-based, state-owned company and the world's largest tanker shipping firm by capacity, specializing in transporting crude oil, refined products, and LNG. A subsidiary of China COSCO SHIPPING Corporation Limited, it manages a massive fleet for global energy logistics. 

COSCO SHIPPING Petroleum

.COSCO SHIPPING Energy Transportation Co., Ltd. (often referred to as COSCO SHIPPING Petroleum or Energy) is the world's largest tanker shipping company by capacity, specializing in the global transportation of crude oil, refined products, liquefied natural gas (LNG), and liquefied petroleum gas (LPG). As a subsidiary of China COSCO SHIPPING Corporation, it provides comprehensive, safe, and efficient energy logistics solutions, focusing heavily on international and domestic energy trade

  Guangzhou Shipyard 

Guangzhou Shipyard International Company Limited (GSI), established in 1954 and located in Guangzhou, China, is a major state-owned shipbuilder under China State Shipbuilding Corporation (CSSC). It is a leading manufacturer specializing in Ro-Ro passenger ships, oil tankers (VLCCs), and high-tech vessels. GSI, often referred to as COMEC, is known for constructing advanced, eco-friendly ships like LNG-powered carriers and polar-class vessels. 

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Source : I Marine + Others

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