COSCO inks two new-build tanker deal

The China Ocean Shipping Group Co (COSCO) has announced it has signed a deal with Japanese firms Sumitomo Corp and Universal Shipbuilding Corp (USC) for the fabrication of two 300,000 dwt crude oil tankers.

It is understood the vessels will be completed by 2007.

In a statement COSCO President and CEO Wei Jiafu said, “COSCO is aiming to have a 15-vessel tanker fleet by 2010 and take on 30% of the [China’s] crude oil imports transportation. Seven 300,000 deadweight ton oil tankers have been completed so far and three vessels have been put into operation.”

According to the company, “COSCO will add the two vessels to [our] fleet.”