China Shipping Development buys 20% stake in Shanghai Northsea

Sinochem International Corp said it has sold its shares in Shanghai Northsea at a price of RMB830m ($133.34m) to China Shipping Tanker, a unit of CSDC.

Up until the end of last year, Shanghai Northsea owned a fleet of eight oil tankers comprising of four aframaxes and four product tankers, and is building one new tanker, giving the company a combined fleet capacity of 845,000 dwt.

CSDC announced that it believed the acquisition of the stake in Shanghai Northsea would enhance its market share and facilitate a more stable expansion of its business in the long run.