Cosco Shipping Energy Transportation lands $543.9m in loans to fund 10 newbuild tankers

Cosco Shipping Energy Transportation (CSET) has secured a $543.9m loan from the Export-Import Bank of China (China EximBank) to fund the construction of 10 newbuild tanker vessels.

CSET, the energy shipping arm of China Cosco Shipping Corporation (Cosco Shipping), announced to the stock exchange that the loan will cover up to 70% of the total price of the 10 tankers, with a loan period of 12 years after the delivery of each vessel.

The 10 ships consist of seven VLCCs and three LR1 tankers.

Posted 27 June 2017

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Lee Hong Liang

Asia Correspondent

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