Fairplay: China Plans Tanker Orders

“Chinese shipowners are planning a new wave of tanker newbuildings at domestic yards to expand control of their country’s oil import market. Several speakers cited evidence of the strategy at yesterday’s Hellenic-American/Norwegian-American Chambers of Commerce shipping conference in New York.   ‘In our conversations with Chinese owners and oil companies a month or two ago, the target level of Chinese barrels to be moved on Chinese ships was said to be in the 40% range,’ said Poten & Partners marine research head Megan McCurdy. ‘It is much less than that now,’ she added.”