COSCO SHIPPING Development Orders 16 VLCCs

Shanghai-based COSCO SHIPPING Development said on Wednesday it had ordered 16 very large crude carriers (VLCCs) worth 13.43 billion yuan ($2.01 billion) from China State Shipbuilding Group.

A VLCC is a class of massive oil tanker with a deadweight tonnage (DWT) typically ranging from 200,000 metric tons to 320,000 metric tons.

COSCO said its unit Oriental Fleet International entered into contracts with affiliates of China State Shipbuilding Group for 16 307,000 DWT-class VLCCs

The methanol- and LNG-ready vessels will cost about 839 million yuan each and will be funded through a mix of internal resources and external financing

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