COSCO Shipping Energy Transportation Co. Ltd announced on Jun 3 that its subsidiary company COSCO Shipping LNG has signed a contract with Jiangnan Shipbuilding to construct four LNG vessels of 175,000 cubic meters. The total investment amount was Yuan 6.445 billion.

The vessels are expected to be ready in 2029 to 2030, and will be chartered out to Shell Tankers (Singapore) Private Limited for Yuan 5.4 billion over a period of seven years. The deal enables COSCO Shipping to strengthen its ability in sales and operations. The company operates oil and LNG tankers. The scale of its oil tanker operations is one of the largest in the world. For its LNG operations, the company is involved in the construction of 87 LNG vessels, of which 63 vessels have been put into operation. These are all under long-term charter contracts and generate stable revenue.