The Board of Directors of COSCO Shipping Energy Transportation (CSET) has approved an investment in 14 new tankers, the company said in a regulatory filing.

As informed, Dalian Shipbuilding will be in charge of constructing four new ships of 32,000 dwt and three crude oil tankers of 160,000 dwt.

CSSC Offshore & Marine Engineering (Group) Company Limited (COMEC), formerly Guangzhou Shipyard International Company Limited (GSI), would be entrusted with the construction of five 110,000 dwt oil tankers while China Shipbuilding International Trading would be in charge of building two 65,000 dwt oil tankers.

CSET said that the shipbuilding contracts for the newbuildings are yet to be signed. Details on the delivery dates have not yet been disclosed.

In order to finance the acquisition, the company will be raise funds worth RMB 5.4 bn (USD 814 mn) by issuing new shares.

Separately, COSCO Shipping Energy Transportation said that it would acquire 50% stake in four LNG vessels intended for the Yamal LNG Project from Japanese Mitsui O.S.K. Lines (MOL).

The net profit from the continued operation of the oil and gas transportation business of the group for the nine months ended 30 September 2017 was RMB 1.248 billion, down by 16.2% on a year-on-year basis, mainly due to a year-on-year decrease of 40%-60% in the daily revenue level in the oil transportation market in the first three quarters of the year.