Cosco Energy Transportation Optimizes Structure in Ongoing Expansion

Cosco Shipping Energy Transportation Company, part of the Chinese state Cosco shipping group, announced plans to merge with Shanghai Tanker, the owner of 49 tankers with an aggregate capacity of 4.73 million dwt. Upon completion of the proposed merger, which is expected to happen after a shareholder meeting on June 22, Shanghai Tanker will be absorbed into Cosco Shipping Energy Transportation.

According to the notice to shareholders, the integration of Shanghai Tanker, a subsidiary of Cosco, is designed to “optimizing the management structure and enhancing the operation and management efficiency of the group.” Shanghai Tanker transports crude oil and refined oil along the Chinese coast and along the middle to lower reaches of the Yangtze River, as well as international vessel management…

View entirety: Maritime Executive