China's first VLCC pool officially launched operations

China Pool, China's first VLCC joint venture, has officially launched operations in Beijing, attracting domestic and foreign attention.

COSCO SHIPPING Energy Transportation Co., Ltd. was initiated by COSCO SHIPPING Energy Transportation Co., Ltd., the tanker operating unit of COSCO SHIPPING Group. With the slogan "We cooperate, we win" at the launching ceremony of the CNOOC Oil Pool, Sinopec and Zhenhua Petroleum signed an agreement to join the CNOOC Oil Pool. Landbridge Group, Navios Group and Huaguang Shipping signed a letter of intent to join the CNOOC pool.

Different from the traditional shipping business model, China adopts large-scale fleet management and specialized company management to achieve unified management of the fleet, improve the overall operational efficiency of the fleet, and increase the revenue of fleet owners.

The China Classification Society is China's first and only VLCC classification society.It currently has 42 VLCCs with a total of 12.89 million deadweight tons.

Very large tanker companies are currently experiencing a difficult market, and joint venture arrangements are more valuable in a down market.