Cosco inks charter deal for five VLCCs with Sinochem

Cosco inks charter deal for five VLCCs with Sinochem

Cosco Shipping Energy Transportation, the tanker unit of China Cosco Shipping, has entered into an agreement with state-run Sinochem Group’s affiliate company Sinochem Oil to collaborate on oil product shipping.

Under the agreement, Cosco will transport oil for Sinochem Oil using the five VLCCs chartered from Sinochem Shipping. Cosco said the deal helps the company further expand its tanker fleet and strengthen its collaborations with Sinochem.

In January, Cosco also secured a COA deal with PetroChina to transport oil from the Middle East.

Cosco has been undergoing a major fleet expansion plan recently, having ordered a total of 14 tankers at Chinese yards in the past couple of months.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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