COSL sells tanker shipping business

China Oilfield Services Limited (COSL) has announced that the company is to sell two tankers and related business to Northsea Shipping for a price of RMB84.8m ($12.2m).

The deal comprised of two 5,000-tonne oil tankers Binhai 607 and Binhai 608, plus the crude oil transportation business of the two vessels and time charter tanker services currently provided by the COSL in Bohai Bay and nearby areas to related units of CNOOC. 

COSL will be unable to renew its crude oil transportation qualification after it expires on 1 March 2019 as the company cannot meet the requirements of the Ministry of Transport on inter-provincial crude oil shipping capacity of 35,000 tonnes, the company said, Northsea Shipping meets the requirements of crude oil transportation qualification.

Northsea Shipping's main businesses are the provision of oil transportation, international vessel transportation of dangerous goods, transportation consultation and intermediary services. It is an indirect subsidiary of China National Offshore Oil Corporation (CNOOC), the largest offshore oil and gas producer in China.

Posted 29 November 2018

© Copyright 2018 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Katherine Si

China Correspondent

Whitepaper on UAE Storybox