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Cosco Shipping Energy Transportation restructures tanker business

Cosco Shipping Energy Transportation announced has organisation restructuring plan with newly named departments for VLCCs and tanker operations.

The company said it was a move to optimise its tanker operations model and ship management. It believes that the organisation structure reform will be able to strengthen centralisation and management of the fleet, stated Cosco Shipping Energy Transportation.

As of the end of October 2018, the company owns and operates 160 oil tankers, totaling in 22.537m dwt. It has one 72,000 dwt tanker under construction and 16 tanker newbuildings on order, totalling 3.04m dwt.

“The tanker business has been managing by our coastal and ocean shipping divisions, the adjustment of organisation structure and the establishment of the two departments for VLCC and Tanker operation is in line with our development strategy,” an official from the company told Seatrade Maritime News.

Cosco Shipping Energy signed two contracts with Dalian Shipbuilding Industry Company (DSIC) in November 2017 to build four VLCCs plus three suexmaxes, and with Guangzhou Shipyard International (GSI) GSI in December 2018 to build two 64,900 dwt tankers, two 109,900dwt crude oil tankers and three 114,000 crude oil tankers, and purchased another two 72,000 dwt tankers from China Shipbuilding Industry Corporation (CSIC).

Cosco Shipping Energy, a subsidiary of China Cosco Shipping Corporation, is specialized in energy shipment including oil and LNG. With a diversified tanker fleet, the company aims to develop itself to be a full tanker service provider globally.

Source: SMN

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