Crude oil tanker joint venture set up
September 30, 2014 Category Logistics, Ports & sea transport
Shanghai-listed, Hong Kong-based China Merchants Energy Shipping (CMES) is partnering with Sinotrans & CSC, China’s third-largest shipping and logistics conglomerate to set up a USD1.1 billion joint venture that could boost China’s energy shipping capacity. CMES is taking a 51% stake in the new venture, injecting its 19 very large crude carriers (VLCCs), both live and on order, valued at USD565.9 million, in addition to cash. Sinotrans & CSC will pay cash for its share of the venture. The vessels will be managed by CMES subsidiary Associated Maritime Co (Hong Kong). Sinotrans & CSC, with its main energy shipping subsidiary Nanjing Tanker, is ranked as the world’s ninth-largest VLCC operator by live fleet size, according to Clarksons data.
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