China Merchants Energy Shipping (CMES) said has agreed to take full control of a Singapore-based bunker trader in a transaction with a sister company.
The moved is aimed at ensuring fuel supply for the Shanghai-listed company, one of the world’s largest VLCC and VLOC owners, and reduce the number of intra-group transactions.
CMES said in an exchange filing that it would acquire China Merchants Hoi Tung Trading’s 70% stake in China Merchants Energy Trading (Singapore) for $16m.
