CSSC sells VLCC at auction

CSSC sells VLCC at auction

CS Shipping, the Singapore-based VLCC unit of China State Shipbuilding Corporation, has sold a 1999-built VLCC via auction at Guangzhou Shipping Exchange.

The Japanese-built 281,700 dwt CS Pioneer was sold to an undisclosed Singapore buyer for a price of $15.34m, lower than MSI’s valuation of $18.7m.

Following the disposal, CS Shipping’s fleet will downsized to four VLCCs, all built in the late 90s.

CSSC Shipping, the shipowning unit of CSSC, is currently preparing its IPO on the Hong Kong Stock Exchange, having submitted an application in November last year.

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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