Beijing: Sinotrans&CSC and China Merchants firmed their tanker ties last week with the signing in Beijing of a VLCC joint venture which will be called China Energy Shipment Company. China Merchants will hold a 51% stake in the firm with Sinotrans&CSC holding the remainder. China Merchants will chair the seven-man board.
The firm will be headquartered in Hong Kong and will be China’s largest VLCC player with some 26 VLCCs. [15/09/14]
