COSCO Shipping Energy Transportation, part of China Cosco Shipping, will order six very large crude carriers from  Dalian Shipbuilding Industry, further expanding the parent group’s recent spree of newbuilding projects.

Shanghai- and Hong Kong-listed CSET said in a filing that its board has approved the order for six 307,000 dwt tankers that will cost about Yuan5.7bn ($790m).

The owner and the builder are expected to finalise the newbuilding agreement soon.

The deal follows CSET’s September order for two 175,000 cu m LNG carriers at the same Dalian shipyard, valued at around $509m. 

These orders come amid speculation that the Cosco Shipping group is undergoing a significant fleet expansion, with plans to build more than 100 vessels as part of a strategy reportedly guided by Beijing.

Last month, Cosco Shipping Lines, one of the state conglomerate’s container shipping units, ordered six 13,600 teu boxships from Hudong-Zhonghua Shipbuilding.

This came days after its sister firm, Orient Overseas Container Line, backed Seaspan in placing a similar order for six ships at the same shipyard.

In late August, Cosco also announced orders worth $1.8bn for 42 dry bulkers.

Including the six VLCCs being ordered by CSET, Cosco Shipping has ordered a total of 78 newbuildings from domestic shipyards since August this year, with a total investment of approximately Yuan48.4bn.

Download the Lloyd’s List App — the essential tool for staying ahead in the maritime industry, anytime, anywhere! Available now on the App Store and Google Play. More information here