(Yicai Global) Dec. 18 -- Cosco Shipping Energy Transportation Co. [SHA:600026; HK:1138] plans to spend CNY2.14 billion (USD323.8 million) on seven new tankers to optimize the structure of its fleet and enhance its overall competitiveness.

The Shanghai-based firm said on Dec. 15 that it had signed contracts for the construction of the ships with Guangzhou Shipyard International Co. and China Shipbuilding & Offshore International Co., the trade arm of China Shipbuilding Industry Corp.

GSI will construct two 64,900 deadweight tonnage crude oil tankers, two 109,900 dwt refined oil/crude oil vessels and three 114,000 dwt crude oil tankers, Cosco Shipping said.

The shipping company intends to use its own capital and funds raised through a non-public offering to pay for the lot. The company said it will use its own funds and bank loans if it fails to implement the non-public offering.

Deliveries for the two 64,900 dwt crude tankers are set in February 2020 and May 2020. The two 109,900 dwt refined oil/crude tankers are expected to arrive in October 2020 and January 2021. The three 114,000 dwt boats await delivery in November 2019, April 2020 and August 2020.

This batch of vessels follows an order worth about CNY3.67 billion that the group placed with Dalian Shipbuilding Industry Co. last month for four 319,000 dwt very large crude carriers and three 15,800 dwt suezmax z tankers.