21st Century Business Herald confirms VLCC pool formation

Dalian: Friday saw one of China’s most respected newspapers, the 21st Century Business Herald, confirm SinoShip News’s much reported scoop on China’s intentions to build an enormous pool of very large crude carriers. China Shipping, China Merchants Energy Shipping and Cosco Dalian were behind $4.5bn worth of orders for 50 VLCCs, the newspaper reported, citing China Shipping’s president and Cosco Dalian’s general manager as sources. The ships are priced at $90m each and provide an enormous fillip for the nation’s under-pressure shipyards. Going forward sources tell SinoShip News the pool could be as large as 70 to 80 tankers.  [01/10/12]

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