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COSCO Energy Allocates 1.018 Billion Yuan to Subsidiary for VLCC and Aframax Tanker Construction

GateNews

2026-05-26 10:05:24

According to an announcement on May 26, COSCO Energy allocated RMB 1.018 billion to its wholly-owned subsidiary Hainan COSCO Shipping Energy Transport to fund milestone payments for vessel construction projects. The capital comes from proceeds of a 2025 directed share issuance and will support the construction of six VLCC (very large crude carriers) and three Aframax-type crude oil tankers. The board of directors has approved the allocation, which does not require shareholder approval.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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