EsCOSCO Shipping Energy has agreed to buy a majority of Petrochina’s Dalian Shipping operations for $63 million. That continues COSCO’s attempts to rebuild profits after a difficult 2017 through a mixture of infill acquisitions and new vessel purchases. The deal comes as Chinese exports of refined oil products has climbed 35% on a year earlier in December to reach a new record, led by a 2.2x rise in shipments to Singapore’s energy hub.
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