COSCO SHIPPING Energy Transportation has approved construction of a 9,000 cubic metre multi-purpose ethylene carrier at affiliated yard COSCO SHIPPING Heavy Industry (Dalian), priced at RMB335m (about USD 50.3m). The company's board cleared the project on 28 Oct 2026, with the vessel to be built through subsidiary Hainan Zhaogang Shipping. Total investment in the newbuilding, including related costs, is estimated at roughly RMB341m (about USD 51.2m). The ship is expected to be delivered and enter service within 18 months of the contract taking effect. Construction will be funded through a mix of internal resources and external financing, with the purchase price paid in five installments in RMB tied to construction progress. The new vessel will feature an LNG dual-fuel propulsion system along with energy-saving and intelligent onboard systems. COSCO SHIPPING Energy Transportation said the order reflects growing global demand for ethylene transportation and aims to address a current shortage of ethylene carrier capacity in the market. The company expects the addition to strengthen its position in both domestic and international ethylene transportation and improve its ability to serve customers. The transaction was reviewed and approved at the 15th board meeting of 2026, held on 28 Oct 2026.