On June 6, Cosco Shipping company officially launched a COSCO Shipping Energy Transportation Co in Shanghai. The spinoff company becomes the world’s largest oil tanker fleet in terms of both ship numbers and deadweight tonnage.
COSCO Shipping Energy Transportation Co:
- Formed by the previous China Shipping Development Co and COSCO Dalian Ocean Shipping Co.
- Has a total of 105 oil tankers, including nine liquefied natural gas carriers and a deadweight tonnage of 17.04 million.
- Asset value accounts for 11 percent of COSCO Shipping’s total assets.
- Its oil tanker fleet holds 20 percent of the group’s entire shipping capacity.
- Helps to achieve business scale and compete with other established global rivals.
“This move is also part of ongoing restructuring of State-owned enterprises,” Xu said at the inaugural meeting in Shanghai.
“The group will use this new setup to strengthen its capabilities in shipping oil, gas and other energy resources to ensure China’s energy security.”
Source: China Daily
