CMES will have a 51% controlling interest of the new venture with Sinotrans & CSC holding the remaining 49%.

CMES will contribute assets worth around $565m including nine operational VLCCs and 10 VLCC newbuild contracts.

Sinotrans & CSC will invest $543.78m in cash, CMES said in a filing issued on the Shanghai Stock Exchange on Tuesday.

CMES said the duo would also look to expand its operation through acquisitions of second hand crude tankers or further newbuildings.

The