The merger of Shanghai Tanker into Cosco Shipping Energy Transportation aims to optimize business structure and operations.

Upon completion of the merger of Shanghai Tanker’s operation, it will cease to exist as a legal entity. The assets and contracts will be succeeded by Cosco Shipping Energy Transportation without any payable consideration.

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The absorption is part of the implementation of the proposal for the integration of the core businesses of the group and is conducive to optimising the management structure and enhancing the operation and management efficiency of the group, said Cosco Shipping Energy Transportation.

Shanghai Tanker is principally engaged in the transportation of crude oil and refined oil along the domestic coastal area and the middle to lower reaches of the Yangtze river, international shipping of dangerous goods and ship management.

Shanghai Tanker’s fleet comprises 49 oil tankers totaling in an aggregate capacity of 4.73m dwt.