COSCO SHIP ENGY Signs Charter Contracts for 16 VLCC Vessels

Stock News11-11 21:46

COSCO SHIP ENGY (01138) has announced that on November 11, 2026, Global Shipping (a wholly-owned subsidiary of the Company, acting as charterer) entered into charter agreements with Oriental Fortune (a connected person of the Company, acting as owner/lessor), pursuant to which Global Shipping has agreed to charter in 16 Very Large Crude Carrier (VLCC) vessels from Oriental Fortune. The charter period is 240 months plus or minus 90 days, calculated from the delivery date of each vessel.

The vessels are 307,000 deadweight tonnage VLCC-type crude oil tankers with dual-fuel readiness for "methanol plus LNG." Taking into comprehensive account the uncertainties of future market fluctuations, the Company has adopted a relatively balanced combined structure for the charter agreements, comprising 8 vessels on "fixed bareboat charter hire" and 8 vessels on "minimum guaranteed plus profit-sharing hire."

After taking into account potential hire adjustments, the expected annual hire generated upon delivery of the 16 vessels will fluctuate within a range of RMB 680 million (excluding taxes and fees) to RMB 1.0 billion (excluding taxes and fees), depending on movements in spot market earnings. Among these, apart from the three years ending December 31, 2028, the Company expects that the maximum annual amount of variable lease payments under the charter agreements for each year up to December 31, 2050 will be RMB 320 million.

The hire payments under the charter agreements are expected to be funded from the Group's internal resources in the ordinary and usual course of business.

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