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Navios, Wah Kwong and Sinopec among firms signing up to Cosco’s new VLCC pool

Photo of Adis Ajdin Adis AjdinOctober 19, 2021
2 1,387 Less than a minute

China’s Cosco Shipping Energy Transportation, the tanker operation unit of Cosco Shipping Group, has launched the country’s first VLCC pool supported by domestic and international owners.

The pool currently comprises 42 vessels with 12.9m dwt in carrying capacity. China’s Sinopec and Zhenhua Oil have signed up to join the pool, which also secured backing from Navios, Landbridge and Wah Kwong Shipping who signed a letter of intent.

The launch of the only VLCC pool in China took place in Beijing under the theme of “We pool, we win” focused on cooperation in the energy shipping sector dragged down by the prolonged downturn.

Photo of Adis Ajdin Adis AjdinOctober 19, 2021
2 1,387 Less than a minute
Photo of Adis Ajdin

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.

Comments

    1. When Cosco re-merged with China Shipping, the extended name effectively became China Ocean Shipping Company Shipping Company.

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