Cosco Shipping Energy raising $815m for new ships

Cosco Shipping Energy Transportation is raising RMB5.4bn ($815.3m) from a private share offering to pay for the purchase and construction new tankers.

The company said in a stock market release that it would issue not more than 806,406,572 A shares, comprising 30% of the existing A shares issued, which would be issued to not more than 10 specific subscribers including Cosco Shipping.

Cosco Shipping has also undertaken to submit to a lock-up period of 36 months from the issue of the shares when it will not be able to sell the shares. Other subscribers would be subject to a one-year lock-up period.

Cosco Shipping Energy plans to use RMB4.99bn for the construction of 14 oil tankers and the RMB410m for the purchase of two panamax tankers previously agreed to.

Posted 01 November 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

Seatrade Offshore Marine Workboats stacked

Seatrade Offshore Marine and Workboats Middle East

Madinat Jumeirah, Dubai • 23 – 24 September 2019

Join nearly 3,000 powerful personalities and alight at the meeting point for the global offshore marine, specialist vessel and workboat industry.

Exhibitor Opportunities >