Brokers report that the Hong Kong shipowning and leasing arm of China State Shipbuilding Co (CSSC) has snapped up the 18-year-old Cosmic Jewel VLCC from Eastern Pacific for $30m.
VLCC from Eastern Pacific for $30m.CSSC has been in the market for a number of older VLCCs of later for oil storage purposes off Singapore.
The sale of Cosmic Jewel leaves Eastern Pacific with just one VLCC left, the 15-year-old Maritime Jewel.
China has been buying up oil in vast quantities this year while it remains cheap to boost its national reserves.
