COSCO to double large oil tanker fleet

The COSCO Group has announced plans to nearly double its fleet of large oil tankers in order to meet booiming crude oil demand for China.

China’s oil imports have surged and hit a record 13.5 million Tonnes in September 2006 . 80% of the shipments brought in by foreign tankers, mostly Greek-owned.

According to COSCO sources the overall expansion plans involves the construction of 70 VLCC over the coming years, in Chinese Yards. According to Xinhua news agency, Chinese officials believe that after 2010 at least 50% of the country’s oil imports will be met by the domestic fleet.

The aforementioned will most surely have an impact to the Greek-owned fleet, as this blog has noted back in September 2006, and it is more than certain that it would occupy sooner or latter the Greek business press. For the time being the Greek press is still overwelmed by “Sensational Chinese investments”, but the practicalities of strategic business management are of different nature than the current mentality of the majority of the  journalists and politicians in Greece. That means that the former and the latter do not have any kind of strategic thinking what so ever.

The recent move by COSCO is one of the gravest strategic challenges for the Greek merchant navy over the coming decades. 

Explore posts in the same categories: Greece, World

%d bloggers like this: