Beijing: Captain Wei Jiafu, president and ceo of China Ocean Shipping Company (COSCO) has said that China should aim to have at least 70 very large crude carrier (VLCC) vessels in order to meet demand for crude oil imports in China. The company, which currently operates eight VLCCs is contributing to the cause with plans to increase its fleet size to 15 vessels which, although commissioned, have no fixed delivery date as a result of congestion at shipyards brought about by the skyrocketing number of new orders placed worldwide. The company also placed an order for a new 32000 dwt timber vessel with Fujian Mawei Shipbuilding Ltd.
Other Chinese shipping groups appear to be following a similar expansion policy, such as state-owned China Shipping who commissioned four VLCCs from China State Shipbuilding Corp last week. China's oil imports, which are largely transported on foreign vessels, are expected to hit the 200 million tonne mark by 2010. [07/11/06]
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