Minsheng Financial Leasing has become the first Chinese leasing house to break into VLCC ownership at what is seen by many as a cyclical bottom for the market.
The company has swooped for two German VLCCs and has an eye on further deals as it looks to build ties with major charterers East of Suez.
Thomas Kaas Christiansen, head of Minsheng Financial Leasing's new European office, confirmed that the company has purchased two VLCCs from Dr Peters.
