China’s state-owned Cosco Shipping Energy Transportation has inked a memorandum of understanding (MOU) with oil major ExxonMobil to deepen their cooperation on marine lubricants purchasing and ship leasing.

Cosco Shipping Energy Transportation (CSET) has an upbeat outlook for the tanker market and sees an improving balance in supply and demand.

Cosco Shipping Energy Transportation (CSET) has warned that it expects to turn to a net loss of between RMB235m ($34.5m) to RMB305m in the first half from a profit of RMB865m in the first six months of 2017.

Cosco Shipping Energy Transportation has taken up a 51% stake in Petrochina Dalian for RMB396.6m ($62.7m).

Cosco Shipping Energy has ordered two VLCC newbuildings from Dalian Cosco KHI Ship Engineering for $151.96m.

Cosco Shipping Energy Transportation (CSET) announced that it has received RMB355m ($54.9m) in government subsidy under the scrap-and-build policy.

Cosco Shipping Energy Transportation (CSET) has alerted investors of an anticipated plunge in net profit for the first half ended 30 June 2017 compared to the year-ago period.

Cosco Shipping Energy Transportation (CSET) has secured a $543.9m loan from the Export-Import Bank of China (China EximBank) to fund the construction of 10 newbuild tanker vessels.

The outlook of the tanker shipping segment is expected to be grim in 2017 in an oversupplied market, but the implementation of the ballast water treatment regulation in September would help to remove part of the supply glut, according to Cosco Shipping Energy Transportation (CSET).

Cosco Shipping Energy Transportation (CSET) has announced an intention to purchase a secondhand LPG carrier priced at RMB36.16m ($5.21m).