The tanker division of Cosco Shipping Energy Transportation, part of the large Chinese shipping group Cosco Shipping, will expand its fleet for USD 1 billion.
The fleet expansion will concern vessels set for delivery between 2019 and 2020, and all the new ships will be built at Chinese yards, reports Tradewinds.
"The company is state-owned and will have no problems securing financing for newbuildings," a source tells the newspaper.
The USD 1 billion investment will, according to the media's sources, be spent on eight VLCCs with an option for more, three Suezmaxes, five LR2 tankers, and a couple of LR1 tankers.
English Edit: Daniel Logan Berg-Munch