Xiamen ITG Group Corp., Ltd. on 18 May announced it will be building six dual-fuel bunkering vessels and purchasing two bulk carriers, according to China-based news outlets, says an article published on Manifoldtimes.
Bunkering industry chain
The Group revealed it will embark in building the bunkering ships for its Singapore market.
Its bunkering unit based in the republic, ITG Resources (Singapore) Pte Ltd, a wholly-owned subsidiary, will build six 6,000 dwt dual fuel bunkering ships to further expand the company’s bunkering industry chain in Singapore.
Total investment
The initiative to build six DF bunker tankers will further expand the company’s venture into the Singapore bunker market, where it currently operates floating storage unit ITG Amoy at Tanjung Pelepas, Malaysia.
The total investment of this project is estimated to be about USD 87.58 million.
Wholly-owned subsidiary
The Group also said its wholly-owned subsidiary, XIM 10 Shipping Limited, will purchase two 82,000 dwt Kamsarmax bulk carriers.
The total investment for the procurement is estimated to be USD 68.12 million.
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Source: Manifoldtimes
