Shipping giant Cosco is investing close to $500m on new tankers, including VLCCs, encouraged by China’s “scrap and build” scheme.
Tanker arm Dalian Ocean Shipping Co (Cosco Dalian) has turned to state-owned Dalian Shipbuilding Industry Co (DSIC) for three VLCCs and five long-range-one (LR1) products tankers for delivery in 2017, according to well-placed sources.
The scrapping policy has already seen Beijing-headquartered Cosco sign for up to 13 ultra large containerships (ULCs) worth $1.95bn
