China Energy Shipment Company formed as the nation’s largest VLCC player

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]

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