Chinese chemical tanker player Xingtong Shipping has bought into Shanghai-based CSSC-IMC Shipping (CSIMC), the chemical tanker joint venture between Singapore’s IMC Shipping and former China Shipbuilding Industry Corp, now known as China State Shipbuilding Corp (CSSC).

Shanghai-listed Xingtong disclosed in a regulatory filing that it spent CNY 290m ($40.3m) to become the major stakeholder of CSIMC. It now owns 51% of the company.

Xingtong said the acquisition of the stakes in CSIMC was part of the company’s expansion strategy.