Cosco Energy sets up new tanker company in Hainan

A COSCO company flag and a Chinese national flag fly in front of the company's headquarters in Beijing August 26, 2010. REUTERS/Barry Huang

COSCO Shipping Energy Transportation (CSET) has established a subsidiary in the island province of Hainan, China. The company will be dedicated to the transport of liquid bulk cargoes.

The Chinese giant, China Cosco Shipping Group’s leader in the liquid bulk sector, will transfer the ownership of nine tankers currently under construction to the newco: four very large crude carriers (VLCC); three suezmax and two aframax.

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