COSCO Shipping Energy Transportation (CSET) has set up its own subsidiary in China, and more specifically in the island province of Hainan, dedicated to the transport of liquid bulk cargoes.
The Chinese giant, China Cosco Shipping Group’s leader in the liquid bulk sector, will transfer the ownership of nine tankers currently under construction to the newco: four very large crude carriers (VLCC); three suezmax and two aframax.
According to forecasts, CSET will inject over $350 million into its subsidiary’s coffers. The objective is to implement domestic trade: the new ships will all be registered in the port of Yangpu.
Translation by Giles Foster