Oil major BP has chartered a Chinese-controlled VLCC for one year, with shipbrokers reporting the transaction as structured with a floor rate and profit split on any higher earnings.
The 310,000-dwt New Energy (built 2016) has been fixed from China VLCC for $22,000 per day, brokers said.
The move comes as China VLCC looks to trade its vessels globally.
Until recently, the company has predominantly been trading between China and West Africa.
