COSCO readies $1.1bn tanker investment
The tanker division of the world’s largest shipowner is readying $1.1bn for its newbuilding programme. COSCO Shipping Energy Transportation is issuing RMB8bn worth of A shares to raise cash to build three aframaxes, six VLCCs and two LNG carriers. The aframaxes will be built by sister firm COSCO Shipping Heavy Industry (Yangzhou), while all the …
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