China’s COSCO SHIPPING Energy Transportation is expanding its gas carrier fleet with an order for a 9,000-cubic-metre multi-purpose ethylene carrier worth approximately USD 50.3 million, as it seeks to capitalise on growing global demand for ethylene transportation.
The company’s board of directors approved the newbuilding project on October 28, 2026. The vessel will be constructed at COSCO SHIPPING Heavy Industry (Dalian) through the company’s subsidiary, Hainan Zhaogang Shipping.
The shipbuilding contract is valued at approximately RMB 335 million (USD 50.3 million), while the total project investment is estimated at RMB 341 million (USD 51.2 million).
The vessel is expected to be delivered and enter commercial operation within 18 months of the contract taking effect. The purchase price will be paid in five instalments in Chinese yuan, linked to the progress of construction.
The new ethylene carrier will feature an LNG dual-fuel propulsion system, alongside energy-saving technologies and intelligent vessel management systems. The project will be financed through a combination of internal resources and external financing.
COSCO SHIPPING Energy Transportation said the investment is aimed at capturing opportunities arising from increasing global demand for ethylene transportation, a market where specialised carrier capacity remains in short supply.
By adding the new vessel to its fleet, the company expects to strengthen its position in both domestic and international ethylene transportation markets, expand its market share and enhance its ability to serve customers.
The transaction was reviewed and approved at the company’s 15th board meeting of 2026, held on October 28.