Cosco Shipping Energy Transportation (CSET), the energy shipping unit of China Cosco Shipping Corporation, has announced the launch of a VLCC pool yesterday, the first of its kind in China.
Cosco has set up a dedicated VLCC department to better manage its VLCC fleet and the pool. The company expects the pool to help the company to transform its operating strategy for its VLCC fleet.
CSET currently operates a VLCC fleet of 43 vessels, with another six on order, while Zhenhua Oil has signed an agreement with CSET to join the pool.
Additionally, CEST has announced that the company will collaborate with Dalian Shipbuilding Industry (DSIC) to jointly develop a LNG/diesel dual fuel VLCC.
CSET claims the VLCC will be able to reduce carbon emissions by 20% and sulphur emissions by 95% compared with traditional fuel and will meet EEDI 3 standards.
Back in 2015, DNV GL gave approval in principle for a new LNG fuelled VLCC design from DISC.