China to build seven tankers

China has decided to build seven oil tankers ranging in size from 80,000 to 150,000 DWT to boost the country?s indigenous tanker fleet and make it less dependant on foreign owned tankers. To provide the necessary finance, the government has assigned a sea aviation company, Tehang Yang, to issue bonds of around $120 million for the construction of the project.

China is the second largest oil consumer in the world with 90% shipped by sea.