COSCO SHIP ENGY (01138.HK) orders four VLCCs for RMB3.793 billion, deliveries from September 2029

NewTimeSpace News: On November 9, 2026, COSCO SHIPPING Energy Transportation Co., Ltd. (01138.HK/600026.SH) announced that its wholly-owned subsidiary Hainan COSCO Shipping Energy Transportation Co., Ltd. (Hainan Energy), as buyer, signed construction contracts with Dalian Shipbuilding Industry Co., Ltd. for four VLCC crude oil tankers at a total contract price (tax inclusive) of RMB3.793 billion, with total investment of about RMB3.829 billion including capitalised costs such as construction-period interest and supervision fees.

The contract price is RMB948 million per vessel (tax inclusive), payable in RMB in five instalments in line with construction progress, with the four vessels scheduled for delivery between September 2029 and May 2025 — that is, September 2029 to May 2030. Hainan Energy will fund the investment with its own resources and external financing, without using proceeds from fundraising, and the company will inject RMB1.896 billion in cash into Hainan Energy. The transaction was approved by the board at its 16th meeting of 2026 with nine votes in favour and no dissent, and does not constitute a connected transaction or a major asset restructuring.

The company said the newbuildings will adopt clean power systems such as LNG/methanol dual-fuel READY, together with energy-saving and intelligent systems, in line with its sustainable development strategy. On pricing, the company said it sought quotations from major shipyards capable of building and delivering vessels of the same type and conducted a comprehensive evaluation against price, technical capability and delivery schedules, concluding that Dalian Shipbuilding offers strong competitiveness in shipbuilding capability, price, delivery schedule, payment ratio and construction experience, with pricing in line with market principles. Including this transaction, the company's asset purchases over the past 12 months (excluding those already subject to shareholder approval) totalled six transactions amounting to RMB17.977 billion, not exceeding 50% of its audited net assets, and the transaction does not require shareholder approval.