COSCO’s Green Tanker Fleet Expansion

January 9, 2024by CN_MAR

China COSCO Shipping Energy Transportation, listed on the Shanghai stock exchange, has finalized strategic shipbuilding contracts totaling $449 million (approximately RMB 2.9 billion) for six new tankers. 

The subsidiary, Hainan COSCO Shipping Energy, inked agreements with Yangzhou COSCO Shipping Heavy Industry for the construction of three 114,200 dwt Aframax-type crude oil tankers, amounting to $289 million. These Aframaxes, weighing 114,000 tons, will operate as green methanol dual-fuel crude oil carriers, with delivery slated for 2026 and 2027. 

Measuring 248.8 meters in length, 44 meters in width, and 21.5 meters in depth, these methanol-powered Aframax carriers mark a significant step as the first methanol dual-fuel ships ordered by China COSCO Shipping Energy. 

Yangzhou COSCO Shipping Heavy Industry, with this new order, becomes the second shipyard globally to construct large-scale methanol dual-fuel oil tankers, following in the footsteps of Dalian Shipbuilding. 

The company also disclosed its contract with Dalian COSCO Shipping Heavy Industry for a 49,900 dwt MR-type oil tanker valued at $50 million. 

In tandem, Hainan COSCO Shipping Energy strengthened its collaboration with Dalian COSCO Shipping Heavy Industry by placing an order for two 64,900 dwt Panamax-type crude oil tankers, totaling $130 million. These Panamax crude oil carriers will be designated as methanol-ready, prepared for potential conversion to methanol operation at a later stage, and are expected to be delivered by the end of 2026. 

Notably, both ship types are equipped to simultaneously burn biofuels. 

This strategic move aligns with the Group’s “14th Five-Year Plan” for capacity planning, optimizing the tanker fleet structure, bolstering core competitiveness, and supporting global expansion and green, low-carbon shipping development. 

China COSCO Shipping Energy emphasized that the order reflects the increasing demand for low-carbon solutions, in line with the prevailing trends of green, low-carbon, and intelligent development in the shipping industry. 


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