China beefing up oil tanker fleet

Responding to China's soaring demand for oil imports, China Ocean Shipping (COSCO) and other ship owners have been working to expand China's tanker fleet by more than a third, according to a Bloomberg News survey. COSCO, China Shipping Group and China National Foreign Trade Transportation Group have so far acquired 10 tankers with a cumulative capacity of 15 million barrels of crude. In January, China's tanker capacity was put at 38 million barrels. China aims to carry more of its imported oil in its own tankers, a banker said.