COSCO to boost crude oil carrying capacity

China Ocean Shipping (Group) Co (COSCO) plans to raise its crude oil carrying capacity to 8 million deadweight tonnes by 2010, up from 4.5 million dwt currently, said company vice president Zhang Fusheng. In a statement, Zhang said COSCO will buy six more VLCCs by 2010, to bring the total number to 12.

The company did not say how much the increase in capacity and the acquisition of additional vessels will cost. The company’s first LNG carrier ordered domestically is expected to be delivered at the end of this year and COSCO will add several more LNG carriers within the next three to four years.