It is understood the vessels will be completed by 2007.

In a statement COSCO President and CEO Wei Jiafu said, “COSCO is aiming to have a 15-vessel tanker fleet by 2010 and take on 30% of the [China’s] crude oil imports transportation. Seven 300,000 deadweight ton oil tankers have been completed so far and three vessels have been put into operation.”

According to the company, “COSCO will add the two vessels to [our] fleet.”