China's four largest shipping lines, including China Ocean Shipping, are expanding their oil tanker fleets, Bloomberg reported. Together, their plans call for building or buying 18 tankers, each with a capacity of 2m barrels, by 2008. China's demand for imported oil has been skyrocketing but is expected to moderate to 6.3% growth this year. Rising demand for large crude carriers has reportedly raised carrier prices by 56% since 2003, to $120 million apiece.
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