China VLCC takes over VLCC operated by Nanjing Tanker

Shanghai: China Merchants Energy Shipping (CMES) announced that its tanker joint venture with Sinotrans & CSC, China VLCC, has signed an agreement with Aldebaran Shipping for the acquisition of a 297,000dwt VLCC Yangtze Rhyme for $60.3m. The vessel was operated by Sinotrans & CSC’s loss-making oil arm, Nanjing Tanker, and now it has been renamed New Talent after joining China VLCC’s fleet.

China VLCC was established by CMES and Sinotrans & CSC in September this year under the government’s arrangement to secure the national oil supply chain. [05/11/14]

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