China Securities Regulatory Commission has verified and approved Tianjin Marine’s application for issuance of shares, the proceeds of which will be used to finance the company’s newbuilding plans.

According to the company’s filing with Shanghai Stock Exchange, the non-public sale will cover up to 3.44m shares.

The proceeds will be streamlined toward financing construction of 10 Very Large Crude Carriers (VLCC) and an LNG carrier quartet, estimated to be worth approximately $400m.

Within the framework of the its fleet renewal plan, the company said it would raise up to$1.96 billion to help finance the purchase of the fourteen new vessels.

In terms of capacity, the carriers are said to feature from 160,000 cum to 175,000 cum.

The builder of the said ships will be selected via public bidding process.

Tianjin Marine Shipping, a subsidiary of Hainan Airlines Group (HNA Group),  signed a letter of intent with Dalian Shipbuilding Industry (DSIC) for the construction of the said LNG carriers last April.