Chinese shipping group Cosco just set up a new company, which will be based in the Chinese province of Hainan.
The new company belongs under the business leg Cosco Shipping Energy Transportation and will be assigned nine newbuild tanker vessels from its owner. The vessels in question are four VLCCs, three suezmaxes and two aframaxes, all of which are under construction, reveals a notice to the stock exchange.
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