According to COSCO Haineng's announcement, Universal Shipping, a wholly-owned subsidiary of the company, plans to rent a total of 14 new VLCC ships from 6 financial leasing companies, including BOC Gold Leasing and ICBC Gold Leasing. The lease period is no more than 20 years, and the total rent will not exceed 17.4 billion yuan. The ships are expected to be delivered continuously in 2030. The transaction has been reviewed and approved by the company's board of directors and does not constitute a related transaction or major asset restructuring. Since the cumulative amount of leased asset transactions over the past 12 months has exceeded 50% of the company's audited net assets, the transaction needs to be submitted to the shareholders' meeting for review.

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