China CSSC Holdings（中国船舶）said its subsidiary Dalian Shipbuilding Industry（大连船舶重工）and China Shipbuilding Trading（中国船舶工业贸易）had signed contracts to build 20 very large crude carriers for subsidiaries of China COSCO SHIPPING（中国远洋海运集团）. The vessels are scheduled for delivery during 2029 and 2030.
Four of the 307,000-deadweight-tonne vessels will be built for a subsidiary of COSCO SHIPPING Energy Transportation（中远海能）under a CNY 3.793 billion contract, including tax. The ships will be priced and paid for in domestic renminbi.
The other 16 vessels will be built for Oriental Fleet International（东方富利国际）, a subsidiary of COSCO SHIPPING Development（中远海发）. That contract is valued at CNY 13.425 billion before tax and will be settled in cross-border renminbi.
The contracts add a batch of large oil tankers to Dalian Shipbuilding’s future construction schedule. The two contract values use different tax bases, while both are denominated in renminbi. The 16-vessel agreement also uses a Hong Kong-based leasing company as the buyer.
CSSC said the contracts are subject to the parties completing their respective approval procedures. Construction and delivery will take place over several years.
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