Sinopec fleet renewal plans gain momentum

Sinopec’s fleet renewal plans are taking shape as it offloads another ageing tanker.

Splash reported recently that the Chinese oil and gas player released one tanker, shaving off the 47,000 dwt, Beacon Hill, an 18-year-old, Onomichi-built ship, for $19m.

Broking sources now reveal the same sized, 2003-built, Phoenix Hill, has also been sold for around $14.5m to undisclosed buyers.

Sinopec, which has an ageing fleet of vintage tonnage, is widely tipped to start scouting for new tonnage soon.