COSCO Board of Directors to meet on Friday Shipping Energy Transportation Co., the group's company China COSCO Shipping Corporation specialized in the maritime transport of liquid bulk cargo, approved a plan for the issue of Class A shares against a maximum of 35 specific interested subscribers, including the parent company China COSCO Shipping Corporation, up to a maximum of approximately 1.43 million of new Class A shares and for gross proceeds of up to eight billion yuan ($1.1 billion).

Of the total maximum proceeds, 4.60 billion yuan (635 billion yuan) million dollars) will be used to finance the construction of six Very Large Crude Carriers, 2.75 billion yuan (379 million yuan) dollars) for the construction of two liquefied natural gas vessels and 654.9 million yuan ($90 million) to finance the construction of three new Aframax tankers.