Thursday, November 12, 2015

CSSC pays $30m for 18-year-old VLCC


Brokers report that the Hong Kong shipowning and leasing arm of China State Shipbuilding Co (CSSC) has snapped up the 18-year-old  Cosmic Jewel VLCC from Eastern Pacific for $30m.

CSSC has been in the market for a number of older VLCCs of later for oil storage purposes off Singapore.

The sale of Cosmic Jewel leaves Eastern Pacific with just one VLCC left, the 15-year-old Maritime Jewel.

China has been buying up oil in vast quantities this year while it remains cheap to boost its national reserves.

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