Friday, March 07, 2008

China's COSCO says plans to float oil tanker fleet

China's largest shipping conglomerate China Ocean Shipping (Group) Co (COSCO Group) plans to seek a listing of its tanker fleet or inject it into its listed flagship, China COSCO Holdings Co Ltd <> <>, a senior executive said on Wednesday.

The company is pushing forward with plans to list all its key assets and still has about 50 billion to 60 billion yuan ($7.04-$8.4 billion) of unlisted assets, including oil tankers, ship building and repairing businesses, Zhang Fusheng, executive vice president of COSCO Group, told reporters.

"We are now restructuring the tanker fleet and considering whether to inject it into China COSCO or seek a separate listing," he said.

COSCO's oil transportation business is mainly undertaken by Dalian Ocean Shipping Co.

The group owns and operates 18 oil tankers with a total of up to 1.8 million dead weight tonnes (DWT). Of those, three out of five tankers, which have already been in service, are Very Large Crude Carriers (VLCC), according to its Web site

China COSCO bought the parent's dry-bulk shipping fleet for $4.6 billion last year, making it the world's top transporter of resources.

It is also the world's No. 5 container shipper and controls container leasing and terminal operating firm COSCO Pacific <>.

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