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