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China's largest shipping group, China Ocean Shipping Company, has ordered ten super large crude carriers, in an effort to double its capacity in the next three years.
The group, better known as COSCO, ordered the very large crude carriers, or VLCC tankers, from its joint venture shipbuilding firm in east China's Nantong city.
It is said to be the largest VLCC order in tonnage and number worth up to US$700 million.
Deliveries of the tankers will start in the first quarter of 2007. Insiders estimate that the order may be primarily for 30-tonnage tankers, the most popular type.
COSCO says it is buying the tankers in a bid to expand and assure transportation power for China's oil imports.
The company now boasts 19 tankers, amounting to over 1.9 million tons. The new tankers are expected to boost its capacity to nearly 4 million tons.
(CRI.com June 30, 2004)
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