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
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.
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COSCO said its unit Oriental Fleet International entered into contracts with affiliates of China State Shipbuilding Group for 16 307,000 DWT-class VLCCs
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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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The tankers will be built by Dalian Shipbuilding Industry and delivered between late 2029 and 2030
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COSCO also said it plans to lease all 16 vessels to Pan Cosmos Shipping & Enterprises, a unit of COSCO SHIPPING Energy, under 20-year bareboat charter agreements
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The leases will provide long-term stable income and cash flow while expanding the scale of the group's ship leasing business, the company said
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In a separate statement, COSCO SHIPPING Energy said it expected annual rent for the 16 tankers to range from 680 million yuan to 1 billion yuan, once the deliveries commence
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The average
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