China’s Xiamen ITG Group is expanding its fleet with bulk carriers and bunker tanker newbuildings.
The Shanghai-listed company said in a regulatory filing that it will be spending CNY1.07bn ($152m) to acquire two kamsarmax bulk carriers and order six new bunker tankers.
Xiamen ITG said subsidiary company China World Maritime 10 Shipping will be paying CNY 470m for two 82,000-dwt bulkers, although it did not disclose if the kamsarmaxes will be newbuildings or second-hand acquisitions.
The company said the bulkers will be fuel efficient and fitted with energy saving devices. In addition, these ships can be powered by low sulphur fuel or cleaner alternative fuels such as LNG.
Xiamen ITG said the addition of the two kamsarmax bulkers is part of its plan to increase its owned fleet and lessen its dependence on chartered vessels.
The company said the bulker carriers will help it develop overseas trades and increase its competitiveness in the international market.
Clarksons’ Shipping Intelligence Network lists Xiamen ITG with a fleet of 28 vessels, 21 of which are bulkers ranging in capacity between 22,700-dwt and 96,000-dwt.
These bulkers are engaged in international and domestic coastal trades.
As for the bunker tanker newbuildings, Xiamen ITG said it will be ordering six 6,000-dwt dual-fuel ships through ITG Energy, its Singapore subsidiary.
Xiamen ITG did not specify the fuel type for the newbuildings, but said the vessels are being designed to meet “Singapore’s stringent maritime environmental policy”.
The new vessels will also help the company reduce operating costs, allow trading flexibility, and boost market competitiveness, it said.
Xiamen ITG, also known as Xiamen Guomao is the public vehicle of Xiamen municipal government-owned Xiamen ITG Holding Group. The company is a conglomerate with operations in real estate investments, automobile distribution, finance and commodities trading.
In addition to its actively trading vessels, the company owns one floating storage tanker – the 300,000-dwt ITF Amoy (ex-Maya, built 2003).
ITF Energy started operating the storage unit in February 2022.
In 2018, Xiamen ITG partnered Taiwan’s U-Ming Marine Transport and started a joint venture company called ITG U Ming (Xiamen) with the former holding a 51% stake in the outfit.
The joint-venture charters in Chinese-flagged bulker tonnage ranging from handysize to panamax for coastal and inland trading with a focus on southern China. It is also keen to develop international business.
