COSCO turns to in-house yard for gas carrier expansion

China’s COSCO Shipping Energy Transportation is expanding its gas carrier business with a RMB335m ($50.2m) ethylene carrier newbuilding project at affiliated Dalian COSCO Shipping Heavy Industry.

The Shanghai- and Hong Kong-listed shipowner said its board had approved the construction of a 9,000 cu m vessel through Hainan Zhaogang Shipping, a subsidiary controlled by COSCO’s Dalian yard.