Cosco Shipping Energy Transportation is accelerating the expansion and modernization of its tanker fleet with a plan for 24 very large crude carriers (VLCCs). The strategy involves firm shipbuilding contracts for ten vessels, and plans to secure a further 14 newly built tankers through bareboat charter arrangements.

The combined approach is designed to increase the company’s crude oil transportation capacity and prepare its fleet for increasingly stringent global decarbonization requirements, the company said.

The 10 newbuilding contracts were placed through the Chinese group’s wholly owned subsidiary Hainan Cosco Shipping Energy Transportation. The orders have been placed with two domestic shipyards.

Cosco Shipping Heavy Industry (Yangzhou) has secured orders for six VLCCs, with delivery dates beginning in August 2029 and ending in November 2030. The other four vessels will be constructed by Dalian Shipbuilding Industry Group and are scheduled to be delivered between September 2029 and May 2030.

All 10 tankers will have LNG/methanol dual-fuel-ready propulsion systems. They will also have specifications that include smart on-board technologies and advanced energy saving equipment to enhance operational efficiency.

The delivery program for 2029-2030 is viewed as a key part of the long-term fleet strategy for Cosco Shipping Energy Transportation. The company expects to benefit from favorable developments in crude oil markets, optimize its fleet mix and accelerate its shift to greener, lower carbon operations.

Besides the newbuilding program, the group is also expanding its fleet through its subsidiary Cosmos Marine Enterprises. The latter plans to enter into bareboat charter contracts with six financial lease providers for 14 newbuild VLCCs.

The chartered vessels will also incorporate cleaner propulsion technologies and efficiency-focused systems. Their designs will feature both LNG/methanol dual-fuel-ready and dedicated LNG dual-fuel propulsion solutions.

The group is also equipping the 14 tankers with energy-efficiency technologies and smart-vessel systems as part of its broader drive to modernize its crude carrier fleet.

Cosco Shipping Energy Transportation is seeking to boost its VLCC capacity significantly by combining direct shipbuilding investments and bareboat charter agreements, with alternative-fuel readiness and intelligent vessel technologies central to its fleet development strategy.