China VLCC has sold two secondhand VLCCs to an unrelated third party for a total price of $117.5m.

China Merchants Group and Sinotrans & CSC Group have held a meeting in Beijing on Wednesday regarding the merger of the two organisations, outlining the broad objectives of the reorganised structure going forward, the local media reported.

Sinotrans Shipping has booked a larger loss in 2015 as the company described the dry bulk shipping market as being “extremely sluggish” and the container market was “grim.”

Sinotrans Shipping has entered into agreements to form joint ventures with Dynagas and China LNG Shipping (CLNG) to participate in the Arctic LNG transportation market.

Sinotrans & CSC Holdings has confirmed it is going through a “strategic reorganisation” that is pending regulatory approval, further confirming the potential merger with compatriot China Merchants Group.

China’s state-owned Sinotrans & CSC Group has unveiled a new entity named Sinomarine to drive the group’s unified shipping management and development.

Sinotrans Shipping has booked six bulker newbuilding orders at compatriot Shanhaiguan New Shipbuilding Industry, following closely from its earlier order for four new container vessels.

Sinotrans Shipping has booked four new energy-saving containerships of 1,900 teu in capacity each at CSSC Huangpu Wenchong Shipbuilding for a total price of $98.2m.

China Merchants Energy Shipping (CMES) and Sinotrans & CSC Group have jointly announced on Tuesday that earlier reports of their merger remain unconfirmed.

China Merchants Energy Shipping (CMES) and Sinotrans & CSC Group will merge, a latest development following longstanding cooperation between the two state-owned corporations.

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