China Merchants Energy Shipping has splashed out over $380m to boost its presence in the Valemax sector.
It has purchased a 30% share in the ICBC backed shipowning company, VLOC Maritime Holdings, it announced today.
A source close to ICBC tells TradeWinds the reason for the co-operation is purely commercial, rather than imposed by Beijing political authorities.
"The point is to combine the operational strengths of China Merchants Energy Shipping (CMES) and the financial strength of ICBC," said the source.
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