China's Cosco Shipping Energy Transportation (CSET) has launched a VLCC pool with the backing of leading players including Navios Holdings, Wah Kwong and Landbridge Holdings.

Named China Pool, it has adopted the slogan: "We pool, we win."

The VLCC venture — first mooted in 2019 — will launch with a fleet of 42 tankers, totalling 12.9m dwt.

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The fleet is set to grow, with Navios Holdings, Wah Kwong and Landbridge Holdings having signed letters of intent to join the pool, local news sources said.