China Shipbuilding: Subsidiary signs construction contracts for 20 VLCC crude oil tankers, totaling RMB 17.218 billion

China Shipbuilding announced that its wholly-owned subsidiary Dalian Shipbuilding, together with China Shipbuilding Industry Trading Co., Ltd., signed construction contracts with Hainan Haineng, a subsidiary of COSCO Shipping Energy, and Orient Fuli, a subsidiary of COSCO Shipping Development, for a total of 20 307,000-dwt VLCC crude oil tankers. Among them, 4 vessels for Hainan Haineng are priced and paid in onshore RMB, with a contract value of RMB 3.793 billion; 16 vessels for Orient Fuli are priced and paid in cross-border RMB, with a contract value of RMB 13.425 billion. Deliveries under the orders are scheduled successively from 2029 to 2030, and the contracts will not formally take effect until all parties complete approval procedures.