New Chinese tanker company is on its way

New Chinese tanker company is on its way

18-07-2018 12:00:00

The Chinese company which only a handful of people have heard of - Baota Petrochemical Group – is allegedly about to have a major impact on the tanker shipping market. According to Chinese media, the company has made long contract deals regarding chartering between 50 and 60 product tankers.

According to Tradewinds, Maersk Tankers are amongst the tanker shipping companies who will supply tankers to the rather ambitious Chinese project. Other suppliers include Scorpio Tankers, Hafnia Tankers, GEM and Val Tankers.

”We can confirm that we are speaking with multiple potential partners about the sale of a number of ships, combined with a deal regarding commercial operation of the ships” says a spokesperson from Maersk Tankers to Tradewinds.

Contracts that primarily revolve around product tankers usually last between 4 and 10 years.

Baota Petrochemical Group has one of the most sought after permits issued by the Chinese state, a permit that allows them to import and deal sell crude oil as well as detail sale of refined products.

The project is allegedly put together by Morten Olsen Vind, who works for broker house McQuilling in Singapore, in collaboration with Søren Meyer from Maersk Tankers and a Australian institutional investor.

Kilde: Tradewinds / Maritime Danmark

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