New Chinese Tanker Giant Company Is Born

Image Courtesy: COSCO

Chinese shipping major China COSCO Shipping Co. has established a new tanker shipping company named COSCO Shipping Energy Transportation Co.Ltd.

The new company was officially launched on June 6th in Shanghai, marking the integration of COSCO’s shipping businesses and also opening a new page for energy transportation, Executive Vice President of China COSCO Shipping Corporation Limited Sun Jiakang said in a speech.

The newly established firm boasts one of the world’s largest tanker fleets comprising of 105 ships or 17.04 million DWT.

The company also revealed plans to invest in LNG transport, with nine LNG carriers already in the fleet and plans to invest in 25 more LNG ships.

 “The group will use this new setup to strengthen its capabilities in shipping oil, gas and other energy resources to ensure China’s energy security,” COSCO Shipping Chairman Xu Lirong said, adding that the move will help speed up the reform of state-owned businesses.

The company was formed by China Shipping Development Co and COSCO Dalian Ocean Shipping Co.

According to COSCO, the asset value of the new tanker shipping firm accounts for 11 percent of its total assets, and its oil tanker fleet holds 20 percent of the group’s entire shipping capacity.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Mar 2017 >>
MTWTFSS
27 28 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

INMEX Vietnam 2017

The event is an exceptional meeting point for the global maritime community in Vietnam, a region where the industry remains buoyant and strong…

read more >

14th Annual Green Ship Technology

4 concurrent streams focussing on innovation in ship design, energy management, emissions reduction & discharges to sea
Cargo owners’ response to increased pressure for a sustainable logistics chain…

read more >

14th International Maritime Exhibition & Conference

14th EXPOSHIPPING EXPOMARITT Istanbul International Maritime Exhibition will be organized with the support of Turkish Ministry of Economy…

read more >

Ferries Asia Summit

Propelling Regional Waterway Connectivity & Fleet-wide Operational Excellence

Ferry travel is in the limelight. The potential for driving tourism growth is immense – and for archipelago nations battling with urban congestion, ferry services pose a clean, efficient alternative in everyday public transport. But high-profile ferry accidents have brought ever greater attention to safety regulations for Asia’s maritime travel industry.

Amid these circumstances, how can vessel operators cope with ever-tightening safety requirements, while making the right decisions at the right time to capture rising demand? What are the smartest ways to improve service reliability and fleet quality, that maximize operating and capital spend? What are the industry’s best-practices for sustainable growth, and how can they be achieved?

Play your part! Join us at the Ferries Asia Summit 2017 to push forward the regional debate on making Asia’s ferry industry more progressive, safe, and commercially sustainable. Bringing together fast-ferry, RO-RO and ROPAX vessel owners along with international and domestic maritime regulators, classification agencies, shipbuilders and naval architects, this event connects the entire value chain for a meaningful holistic debate on ferry operations excellence in Asia.

WHAT’S ON THE AGENDA THIS YEAR?

Comprehensive debates on addressing the complexity of ferry safety in Asia: Is vessel age truly the greatest concern? How significant are other factors, and how can they be addressed?

Pathways to change through greater public-private collaboration

Contrasting viewpoints on the most effective ways to enhance operational stability & passenger management

Cost-efficient O&M strategies to extend vessel life & tips for stakeholder management to avoid purchasing mistakes

Integrating ferry business with tourism opportunities through strategic partnerships

Exciting formats including speed networking, panel discussions & a high-intensity fast-pitch ‘Shark Tank’!

For more information, click here to download the brochure.
If you would like to attend the event, register here before 3rd February to save USD 400.
Alternatively, email us at enquiry@iqpc.com.sg 
for any enquiries regarding the event.

More info

read more >