Thu 5 Mar 2009, 17:28 GMT

COSCO Int'l acquires stake in bunker firm


Company says deal is in line with strategy to expand its shipping services business.



COSCO International Holdings Limited has announced that it has acquired an 18 stake in Double Rich Limited, a company specialising in the trading of bunker oil and bunker supply in China.

COSCO International has agreed to pay HK$38,044,000 (US$ 4.9 million) for its share in Double Rich, which the company says is in line with its corporate strategy of expanding its shipping services business.

"It further increases the company's capability to become a global leading shipping services provider," COSCO International said in a statement.

Commenting on the deal, Liang Yanfeng, Managing Director of COSCO International, said, "After the completion of the acquisition, COSCO International will participate in the business of bunker oil trading and bunker oil supply, as well as various oil products storage services.

The acquisition will not only expand the scope of our core businesses, but also facilitate generating synergies between our existing shipping services operation arms and the customers as well as trading network of Double Rich, which will further expand the profitability base of the Company and create greater returns for our shareholders."

Double Rich, which will now be 82 percent-owned by China Marine Bunker (PetroChina) Co., Ltd. (Chimbusco), is principally engaged in the trading of bunker fuel and oil products, and in the provision of bunker supply services.

The company says it has established business partnerships with oil companies including ExxonMobil Hong Kong Ltd., Caltex Hong Kong Ltd., China Resources Petroleum co. Ltd. and Shell Hong Kong Ltd. and has an extensive client network of shipping companies around the world. Its estimated annual trading volume is around two million tonnes.


Repsol industrial complex in Puertollano. Repsol starts large-scale renewable fuel production at second Iberian plant  

Spanish energy company's Puertollano facility adds 200,000 tonnes per year of renewable diesel capacity.

SD Aisemaht vessel. World's first dual-fuel methanol escort tug receives full class certification  

ABS grants certification to SD Aisemaht, built by Sanmar Shipyards for Canada's Trans Mountain Expansion Project.

CMB.Tech and TFG Marine signing. CMB.Tech raises TFG Marine stake to 15% and consolidates bunker procurement through joint venture  

CMB.Tech increases its equity stake in TFG Marine and commits its entire fleet’s bunker requirements to the joint venture.

XFuel demo plant in Mallorca, Spain. XFuel secures EUR 4.1m Catalonia grant for waste-derived marine fuel plant  

Spanish start-up wins funding to build a modular facility converting waste oils into low-carbon marine gas oil.

Liquefied biogas facility at Port of Gothenburg render. Construction begins on liquefied biogas facility at Port of Gothenburg  

Nordion Energi's new plant aims to open up Swedish biogas supply to shipping and other sectors beyond the gas grid.

Sun Princess ship-to-ship (STS) LNG bunkering operation. Axpo completes first LNG bunkering of cruise ship at port of Naples  

Sun Princess bunkered at Naples, marking the first LNG operation on a cruise vessel at the Italian port.

Ship-to-ship (STS) HVO supply at Keihin Port. Kamei Corporation begins Japan’s first ship-to-ship HVO supply at Keihin Port  

Japanese energy company launches HVO bunkering operation using drop-in biodiesel fuel brand Susteo.

Uni-Fuels Logo. Uni-Fuels posts $376k net loss in Q1 2026 despite 64% revenue jump  

Singapore-based bunker firm attributes loss to communication expenses incurred during the period.

Participants of SSA training course. SSA launches green fuels training course ahead of low-carbon transition  

The Singapore Shipping Association has introduced a course covering alternative marine fuels and emissions frameworks.

The Nautical Institute (NI) logo. The Nautical Institute launches bunkering and engineering assessors course  

New programme targets behavioural competency and human factors in high-risk shipboard operations.