COSCO Energy Adds Chemical Tanker to Fleet Strategy

COSCO Shipping Energy Transportation (CSET) has added a new chemical tanker to its growing fleet, further strengthening its position in the energy transport sector.

The board of the publicly traded oil and gas division of COSCO Shipping Group has given the green light for the construction of a 9,200-deadweight-ton stainless steel chemical carrier. The vessel will be built at Wuchang Shipbuilding and comes with a price tag of approximately $25 million.

According to CSET, the investment is “conducive to optimising the company’s chemical fleet structure and business layout and improving overall profitability.”

CSET currently operates a diverse fleet that includes more than 150 crude oil and product tankers. The company also holds ownership interests in close to 90 LNG vessels, over 10 LPG carriers, and now 10 chemical tankers — two of which are under construction.

Earlier in 2024, the company announced a substantial fleet expansion plan totaling nearly $380 million. This included orders for two aframax tankers, two LR2s (Long Range 2 tankers), and two panamax vessels, signaling a continued focus on modernizing and diversifying its shipping capabilities.