Shanghai: Recently listed Shanghai Longyer Fuels Co has made clear its plans to invest RMB205m in its subsidiary Shanghai Shenglong Shipping to form a bunkering fleet.
The company plans to purchase three 3000dwt bunkeringvessels and four 2000dwt bunkering vessels and deploy them into the company’s distribution network. Meanwhile, the company will invest an additional RMB60m for the development and operation of its bunkering business.
Currently the company has chartered six bunker barges ranging from 300dwt to 500dwt. “When the new vessels go into operation, we will gradually reduce the chartering of small tonnage vessels, and it will lower the company’s operation cost and improve our bottom line,” the company said. [19/09/12]