Rongsheng Holding teams up with CSSC unit for $2.5bn splash on VLCC newbuildings

China’s privately owned petrochemicals producer Zhejiang Rongsheng Holding Group is teaming up with state-owned CSSC Shipping to book up to 30 VLCCs.

The two outfits are forming a joint venture to carry out the order, likely at a yard controlled by CSSC Shipping parent China State Shipbuilding Corp (CSSC).

Industry sources said Rongsheng Holding subsidiary Rongsheng Petrochemical plans to build a large fleet of VLCCs to transport crude oil from the Middle East to its newly built refinery in the Zhejiang province city of Zhoushan.