Singaporean shipowner builds VLCC fleet after snapping up bargain Cosco tanker

Singapore’s Beyond Shipmanagement has continued to expand its VLCC fleet after snapping up a veteran vessel at auction.

UK shipbroker Clarksons reports a price of $27.71m paid by the company to secure the 297,000-dwt Xin Ning Yang (built 2005), which was deemed surplus to requirements by giant Chinese state-owned Cosco Shipping Energy Transportation (CSET).

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The vessel has now been renamed the Rising Sun 1, according to shipping databases.