The VLCC fleet of troubled Nanjing Tanker Corp is set to be substantially absorbed into the planned VLCC joint venture of two Chinese state giants.
The 51%-49% venture between Hong Kong-based China Merchants Energy Shipping (CMES) and the Beijing-based Sinotrans & CSC group, planned for completion in September, will create a big new Chinese crude-carrier player on the world market. But TradeWinds understands that both partners will stay in the crude business with VLCC fleets under their own operation.
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