According to the contract, Shandong Shipping will provide product oil transportation service via eight 50,000 dwt tankers for Shell for a period of eight years.
Including the contract the total capacity of ships run by Shandong Marine Group, the controlling shareholder of Shandong Shipping, will reach 9.43m dwt, ranking the third in the domestic shipping market, said Bao Jianying, chairman of Shandong Marine Group.
Meanwhile, Shandong Shipping also signed a joint lease agreement with ICBC Financial Leasing and charter contract with Bunge for four 82,000 dwt bulk carriers.
Shandong Shipping is a state-owned company founded in 2010. The company focuses on the transportation of iron ore, grain, energy, chemical products and bulk cargos.
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