COSCO Marine (01138) signs charter agreements for 16 very large oil tankers (VLCC) vessels

According to the Zhitong Finance App, COSCO Haineng (01138) announced that on November 11, 2026, Universal Shipping (a wholly-owned subsidiary of the Company, as the lessee) entered into a chartering agreement with Oriental Fuli (a related person of the Company, as owner/lessor). Global Shipping has agreed to lease 16 very large tanker (VLCC) vessels from Oriental Fuli for a lease period of 240 months ± 90 days, calculated from the date of delivery of each ship.

These ships are 307,000-ton VLCC crude oil carriers (“methanol+LNG” fuel double reserve).

To comprehensively balance the uncertainty of future market fluctuations, the company adopted a relatively balanced combination structure of “fixed rent” for 8 ships and “guarantee+split rent” for 8 ships in the charter agreement. After taking into account potential rent adjustments, the expected annual rent generated after delivery of the 16 ships will fluctuate within the range of RMB 680 million (excluding taxes) to RMB 1.0 billion (excluding taxes) according to changes in spot market earnings. Among them, with the exception of the three years ending December 31, 2028, the Company expects the maximum annual amount of variable lease payments under the chartering agreement for each year ending December 31, 2050 to be RMB 320 million.

Rental payments under chartering agreements are expected to be disbursed from within the Group's internal resources in the course of day-to-day and general business.