Latest from CS Tanker
Corporate milestones, fleet developments, capital market activities, and operational updates from COSCO Shipping Energy Transportation Co., Ltd.
CS Tanker Established in Shanghai as Dedicated Tanker Subsidiary
China Shipping Tanker Company Limited (CS Tanker) was established in Shanghai in November 2013 as a wholly-owned subsidiary of China COSCO Shipping Corporation Limited, specifically to handle tanker transportation. This marked the creation of a dedicated tanker platform within the COSCO Shipping group.
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CS Tanker Launches Unified Fleet Management Framework
CS Tanker successfully completed reforms on its vessel management system, supporting business model, and headquarters organisation. The new unified fleet operation and vessel management framework went live on February 1, 2019, realising centralised and optimised allocation of resources across the tanker fleet.
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Strategic Refocus: CS Tanker Aligns Fully with Energy Shipping
Following the 2016 asset reorganisation of the parent company, CS Tanker's focus on crude oil and LNG transportation was fully consolidated. The parent company divested its bulk carrier business and acquired Dalian Ocean Shipping Company, aligning the entire group's energy shipping operations with CS Tanker's tanker mandate.
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Parent Company Raises RMB 5.1 Billion to Strengthen CS Tanker Fleet Capacity
China COSCO Shipping Corporation Limited completed the non-public issuance of 730,659,024 A shares, raising RMB 5.1 billion. This successful contra-cyclical, low-cost capacity expansion strengthened CS Tanker's fleet investment capability and long-term tanker transportation strategy.
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CS Tanker Enters LNG Carrier Segment via Sinopec & PetroChina Joint Ventures
CS Tanker established three joint ventures with Sinopec and PetroChina, cooperating with MOL to order 10 LNG vessels. CS Tanker controls 6 of these vessels, serving China's growing LNG import demand and expanding beyond crude oil into gas carrier operations.
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Convertible Bond Conversion Complete — Total Shares Reach 4.032 Billion
The parent company exercised early redemption of the Convertible Bonds issued in 2011. The conversion and redemption of all convertible bonds ended in February 2015, leading to an increase of 627,480,591 A shares. Total shares increased to 4.032 billion: 2.736 billion A shares and 1.296 billion H shares.
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China Shipping Bulk Carrier Company Limited Established in Guangzhou
China Shipping Bulk Carrier Company Limited (CS Bulk) was established in Guangzhou as a wholly owned subsidiary. The Company injected equities of nine companies into CS Bulk — including five subsidiaries, two jointly-controlled enterprises, and two equity investment enterprises — making CS Bulk the sole dry bulk shipping platform.
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Company Acquires China Shipping LNG Investment Company — Establishes JVs with Sinopec & PetroChina
The Company acquired China Shipping LNG Investment Company Limited from China Shipping Group. Three joint ventures were established with Sinopec and PetroChina. Cooperating with MOL, the joint ventures ordered 10 LNG vessels in July 2011 and April 2013, of which 6 vessels are controlled by the Company.
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Company Orders 16 VLOCs — Enters China Iron Ore Import Shipping Market
In 2007, the Company ordered 16 VLOCs (Very Large Ore Carriers), marking its entry into the shipping market for China's importing iron ore. The Company also issued RMB 2 billion convertible bonds to the public in the A share market.
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