COSCO Shipping to Use 7.98 Billion Yuan in Raised Funds for Shipbuilding

MT Newswires Live

02/02

COSCO Shipping Energy Transportation (SHA:600026, HKG:1138) plans to use raised funds worth 7.98 billion yuan for the construction of ships, according to a Shanghai bourse filing on Saturday.

The Chinese shipping company's Shanghai shares dropped less than 5% and Hong Kong shares fell less than 3% at the close of Monday's trade.

The net proceeds were from a share placement transaction in 2025.

The company will invest in the building of six very large crude carriers, two liquefied natural gas transportation vessels and three Aframax crude oil tankers. The actual price of the construction was 10.9 billion yuan.

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