Hong Kong-listed Chu Kong Shipping has announced that its wholly-owned subsidiary Sun Kong Petroleum has entered into a shipbuilding agreement with Guangdong Hope Yue Shipbuilding for the construction of a small oil tanker for RMB9.68m ($1.41m).
The vessel is scheduled to be delivered in November 2017.
Sun Kong Petroleum mainly transports diesel and engine oil, and parent company Chu Kong Shipping said the reason behind the new order is to upgrade the oil tanker fleet of the group and satisfy operations needs.
Chu Kong Shipping is involved in various business sectors including passenger ferry, operation and management of cargo terminals in Chinese river ports, as well as shipping, warehousing and oil supply in Hong Kong.
In January, the company signed with China LNG Group to jointly develop LNG refueling docks at Pearl River Delta region.