COSCO Shipping Energy picks methanol for six new tankers

COSCO Shipping Energy picks methanol for six new tankers

Home Methanol COSCO Shipping Energy picks methanol for six new tankers

January 3, 2024,
by

Jasmina Ovcina Mandra

Shanghai-listed China COSCO Shipping Energy Transportation has finalized strategic shipbuilding contracts for six new tankers worth a total of $449 million ( approximately RMB 2.9 billion).

Illustration; Image credit Cosco Shipping

Hainan COSCO Shipping Energy, the company’s subsidiary, signed contracts with Yangzhou COSCO Shipping Heavy Industry for the construction of three 114,200 dwt Aframax-type crude oil tankers, totaling $289 million.

The 114,000-ton Aframaxes will be green methanol dual-fuel crude oil carriers, with delivery scheduled for 2026 and 2027.

The methanol-powered Aframax carriers will be 248.8 meters long, 44 meters wide, and 21.5 meters deep. They are the first methanol dual-fuel ship ordered by China COSCO Shipping Energy, the company said.

With this new order, Yangzhou COSCO Shipping Heavy Industry became the second shipyard in the world to build large-scale methanol dual-fuel oil tankers after Dalian Shipbuilding.

The company revealed that it had contracted Dalian COSCO Shipping Heavy Industry to build a 49,900 dwt MR-type oil tanker at a value of $50 million.

Additionally, Hainan COSCO Shipping Energy solidified its collaboration with Dalian COSCO Shipping Heavy Industry with an order for two 64,900 dwt Panamax-type crude oil tankers at $130 million.

The two Panamax crude oil carriers will be designated as methanol-ready, which means that they are prepared for conversion to operation on methanol at a later stage. The three tankers are set for delivery at the end of 2026.

What is more, both ship types can simultaneously burn biofuels.

The new vessels align with the Group’s “14th Five-Year Plan” strategic capacity planning, optimizing the tanker fleet structure, enhancing core competitiveness, and supporting global expansion and green, low-carbon shipping development.

The company said that the order is being placed against growing demand for low-carbon solutions and in alignment with the green, low-carbon, and intelligent development trends.

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