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Cosco to invest a billion dollars in tankers

Cosco's tanker division plans to expand its fleet with investments totaling USD 1 billion, reports Tradewinds. The investments will concern vessels set for delivery between 2019 and 2020.

VLCC tanker from BW Shipping

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

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