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Cosco Shipping Energy funds fleet expansion

Cosco Shipping Energy Transportation has issued shares to raise fund for the purchase of 16 tankers.

The subscribers include Cosco Shipping, Dalian Shipbuilding Industry and Hudong Zhonghua Shipbuilding. Upon completion of the proposed non-public issuance of A shares, the company is expected to raise about RMB5.1bn.

The shares issue is aimed to further improve the company’s income and strengthen core competitiveness, said the company.

The fund will be used for the company’s fleet expansion including newly purchase fourteen oil tanker and payment of another two panamax tankers.

Cosco Shipping Energy Transportation owned and managed 151 oil tankers by the end of June 2019, is the largest tanker owner globally.

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