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.