Chinese state-owned shipping giant COSCO has made a fresh newbuilding move in the gas carrier segment.
Clarksons reports a subsidiary, COSCO Shipping Investment Dalian, has contracted two 88,000 cu m newbuilds at COSCO Heavy Industry Qidong Offshore, with delivery expected in September and December of 2027.
No price has been revealed, but shipbuilding sources are quoting around $120m for similar tonnage in China.
Established in early 2019, COSCO Dalian made its newbuilding debut with orders for two 5,500 cu m LPG carriers at China Merchants Jinling Shipyard Dingheng in 2021.
In November 2022, the company took ownership of its first VLGC, the 2016-built 83,000 cu m Chang Xing Yuan (pictured), formerly known as Gas Aries and acquired from compatriot Tianjin Southwest Maritime for $60m.
COSCO was also reported as having commissioned VLGCs at the same yard end last year, with the first two ships delivering in 2026.