COSCO Haineng announced on November 9 that its wholly-owned subsidiary Hainan COSCO Shipping Energy Transportation Co., Ltd. plans to invest in the construction of 10 new VLCC crude oil tankers. Among them, Hainan Haineng invested in the construction of 6 VLCC crude oil carriers at Yangzhou COSCO Shipping Heavy Industries Co., Ltd., with a total contract price of 5.689 billion yuan. Hainan Haineng invested in the construction of 4 VLCC crude oil tankers in Dalian Shipbuilding Industry Group Co., Ltd., with a total contract price of 3,793 billion yuan. In addition, Universal Shipping, a wholly-owned subsidiary of the company, plans to rent 14 new VLCC ships from BOC Gold Lease, ICBC Gold Lease, Bank of China Gold Lease, CITIC Financial Leasing, and Minsheng Financial Leasing. The total rental period is no more than 20 years, and the total rent is no more than 17.4 billion yuan. The Group supplements VLCC tanker capacity through a single-lease approach, which can effectively reduce comprehensive financial costs and one-time capital investment.

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