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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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