MOL, Sinotrans set up Chinese tanker shipping venture
Tokyo-based Mitsui O.S.K. Lines has teamed up with Chinese forwarding and shipping group Sinotrans Ltd. to establish a joint venture company providing tanker-shipping services in China.
The venture, named M.S. Tanker Shipping Ltd., will be owned 50-50 by the two companies, and will have directors from both MOL and Sinotrans on its board.
It will provide tanker-shipping services, mainly with very large crude carriers.
The new venture plans to purchase in June a 260,000-ton VLCC owned by MOL, the Japanese company said.