Thu 5 Mar 2009 17:28

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.


CEO, Fredrik Witte and CFO, Mette Rokne Hanestad. Corvus Energy raises $60m from consortium for maritime battery expansion  

Norwegian energy storage supplier secures growth capital to accelerate zero-emission shipping solutions.

Indian Register of Shipping hosts at LISW 2025. Shipping industry warned nuclear power is essential to meet 2050 net zero targets  

Experts say government backing is needed for nuclear investment.

Rendering of LNG bunkering vessel Avenir TBN. ExxonMobil enters LNG bunkering with two vessels planned for 2027  

Energy company to charter vessels from Avenir LNG and Evalend Shipping for marine fuel operations.

Logos of international maritime associations supporting IMO Net Zero Framework. Shipping associations back IMO Net-Zero Framework ahead of key vote  

Seven international associations urge governments to adopt comprehensive decarbonisation rules at IMO meeting.

Concept illustration of biofuel and renewable energy production. Study claims biofuels emit 16% more CO2 than fossil fuels they replace  

Transport & Environment report challenges biofuels as climate solution ahead of COP30.

Rendering of Green Ammonia FPSO. ABB to supply automation systems for floating green ammonia production vessel  

Technology firm signs agreement with SwitcH2 for Portuguese offshore facility producing 243,000 tonnes annually.

VPS launches VeriSphere digital platform. VPS launches Verisphere digital platform to streamline marine fuel decarbonisation tools  

New ecosystem connects multiple maritime emissions solutions through single user interface.

Wallenius Sol vessel Botnia Enabler. Wallenius Sol joins Gasum's FuelEU Maritime compliance pool as bio-LNG generator  

Partnership aims to help shipping companies meet EU carbon intensity requirements through bio-LNG pooling.

IAPH Clean Marine Fuels Working Group. IAPH launches products portal with ammonia bunker safety checklist  

Port association releases industry-first ammonia fuel checklist alongside updated tools for alternative marine fuels.

Berkel AHK Logo. Berkel AHK joins Global Ethanol Association as founding member  

German ethanol producer becomes founding member of industry association focused on marine fuel applications.





 Recommended