COSCO to double tanker fleet

State-owned China Ocean Shipping (COSCO), has announced plans to double its fleet of large oil tankers to meet increasing demand for crude oil imports in the Mainland.

COSCO currently operates eight VLCCs and has another seven under construction. According to a statement from COSCO President Wei Jiafu, 15 VLCCs are needed to meet current needs and at least 70 for the country to meet future demand.

Industry experts believe that the expanded domestic tanker fleet will make it possible for about half of the country’s imported crude oil and refined products to be shipped in Chinese owned tankers after 2010.