China VLCC Inks Charter Deals with BP and Shell

China Merchants Energy Shipping (CMES) has though its subsidiary, China VLCC, chartered out two Very Large Crude Carriers (VLCC) to oil giants BP and Shell.

Under the chartering deal, China VLCC has secured two two-year charters for its VLCCs with each oil major.

The contract is valued at RMB 360 m (approximately USD 57-6 million), CMES said in a filing to Shanghai stock exchange.

Details on the names of the vessels and beginning of the contracts remained undisclosed.

China VLCC is a joint venture business set up in 2014 by majority holder China Merchants Energy Shipping (51% stake) and Sinotrans & CSC Group (49% stake).

The joint venture’s fleet is comprised of 28 vessels. China VLCC last expanded its fleet with nine VLCCs that had been operated by compatriot Nanjing Tanker and a newbuilding.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 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 3

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >