COSCO unveils massive supertanker fleet push

COSCO Shipping Energy Transportation has announced a significant expansion of its fleet, ordering 10 new supertankers and securing long-term charters for another 14. The deal, worth RMB9.48bn ($1.42bn), is a substantial investment in the energy transportation sector.

The expansion comes as the global shipping industry continues to grow, driven by increasing demand for energy and commodities. This growth has led to a surge in new orders for large vessels, including very large crude carriers (VLCCs) like those ordered by COSCO.