Cosco Shipping Energy Transportation has made a $550m move for seven tanker newbuildings in China.

Shanghai and Hong-Kong-listed Cosco Energy’s splash spans both new VLCCs and suezmaxes, according to a statement released today.

It is building four 319,000-dwt VLCCs at Dalian Shipbuilding Industry Co alongside three 158,000-dwt suezmaxes.

Cosco Energy says the overall contract is worth CNY 3.67bn