China’s Milkyway takes leap into shipping

Shanghai-listed Milkyway Chemical Supply Chains has become a shipowner, buying an 80% stake in Zhoushan Zhonggu Shipping.

Zhonggu Shipping operates four 4,000 dwt stainless steel chemical parcel tankers, which to date have been operating on domestic routes.

Milkyway has plans to add to the fleet, with newbuilds, secondhand purchases and some chartered in tonnage, and to expand its shipping division to cover routes to East and Southeast Asia.

Jeff Wang, vice president of Milkyway, commented: “We will rapidly expand our tanker fleet and build our team.” He also revealed that a newbuild plan would be announced by the end of next year.