Cosco’s tanker arm raises $717m from parent and CSSC yards

Cosco Shipping Energy Transportation (CSET) has finally completed its long-planned private placement in Shanghai.

The shipowner raised a total of CNY 5.1bn ($717m) from its parent China Cosco Shipping and two subsidiaries of China State Shipbuilding Corp (CSSC).

The Shanghai- and Hong Kong-listed tanker giant had been planning this issue since 2017 to fund 16 newbuildings but only received regulatory approval last December.