CSSC pays $30m for 18-year-old VLCC

CSSC pays $30m for 18-year-old VLCC

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.

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.

 

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

Related Posts