Nanjing Tanker signs shipping contract with Sinopec

China’s Nanjing Tanker Corp., which is principally engaged in the transportation of petroleum products, has signed a 100 million yuan (US$14.6 million) shipping contract with China Petroleum and Chemical Corp. (Sinopec) and is considering a 1.08 billion yuan (US$157.66 million) new building order for four 24,000 dwt tankers, according to reports. The Shanghai-listed tanker and specialized vessel operator said that it had sealed a deal with Sinopec to ship at least one million tons of petroleum products for the energy group from July to the end of 2008. Nanjing Tanker expects the new contract to reap 100 million yuan (US$14.6 million) in revenue and gross profits of 30 million yuan (US$4.38 million) to the firm. In a separate announcement, the ship owner under China Yangtze Transportation Group said it planned to add four 24,000 dwt oil tankers to its current fleet of 59 vessels with a purchase from sister company CSC Nanjing Tanker Corp Zijinshan Shipyard. (August 18, 2008)