COSCO SHIP ENGY (01138.HK) to bareboat charter 14 VLCC newbuilds for up to RMB17.4 billion

NewTimeSpace News: On November 9, 2026, COSCO SHIPPING Energy Transportation Co., Ltd. (01138.HK/600026.SH) announced that its wholly-owned subsidiary Universal Shipping Enterprises Limited plans to bareboat charter 14 VLCC newbuildings from six financial leasing companies, namely Bocomm Leasing, ICBC Leasing, ABC Leasing, BOC Leasing, CITIC Leasing and Minsheng Leasing, for terms of not more than 20 years each, with total charter hire of not more than RMB17.4 billion over the charter period.

By lessor, Bocomm Leasing will provide four LNG dual-fuel VLCCs for up to RMB5.2 billion in hire, ICBC Leasing three LNG dual-fuel vessels for up to RMB3.9 billion, ABC Leasing three conventional-powered vessels for up to RMB3.3 billion, BOC Leasing one conventional-powered vessel for up to RMB1.1 billion, CITIC Leasing two LNG dual-fuel vessels for up to RMB2.6 billion and Minsheng Leasing one LNG dual-fuel vessel for up to RMB1.3 billion. All 14 vessels are currently not in operation and are expected to be delivered progressively during 2030; their titles are clear and free from mortgages, pledges, freezing or other encumbrances.

The company said that supplementing scarce VLCC capacity through bareboat charter effectively lowers overall financial costs and one-off capital input and optimizes its fleet structure, while the chartered vessels adopt clean power systems such as LNG/methanol dual-fuel READY and LNG dual-fuel. 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. However, as the company's aggregate asset-leasing transactions over the past 12 months have exceeded 50% of its audited net assets, the transaction is subject to approval by the shareholders' meeting.