China's shipping companies are rapidly expanding their fleet of oil tankers to import more oil using domestic vessels, with major shippers seeking to double their capacity within the next three years.
Last year, Chinese-registered tankers shipped back only 16 per cent of the more than 130 million tonnes of oil being imported by China each year, China Daily reported yesterday.
China is the world's second-largest oil importer after the United States and 90 per cent of the oil is delivered by ships, making it vulnerable to transportation costs and uncertainties like war.
'We recommended in 2000 that it should be a long term goal to have 60 per cent of China's imported oil shipped by domestic companies by 2015,' Institute of Comprehensive Transportation (ICT) researcher Luo Ping was quoted as saying.
The ICT is affiliated to the National Development & Domestic Commission, the top state economic planning unit.
Mr Luo said almost all of China's major shippers have set the target of doubling their existing capacity by 2010.
China Ocean Shipping Company (Cosco) plans to expand its oil tanker capacity from the current 5.07 million dwt (deadweight tonnes) to 10 million dwt.
This will enable Cosco to transport 35 million tonnes of oil a year, accounting for more than 15 per cent of China's imports in 2010 and up from the current 8 per cent.
'We have already placed orders to build new tankers totalling 2.4 million dwt. The rest will be achieved through hires and more purchases,' he told China Daily.
Another big player, China Shipping Development Co Ltd, has ordered tankers of 3.5 million dwt each to increase its capacity from 3.9 million dwt to 8.5 million dwt.
Last year, Chinese-registered tankers shipped back only 16 per cent of the more than 130 million tonnes of oil being imported by China each year, China Daily reported yesterday.
China is the world's second-largest oil importer after the United States and 90 per cent of the oil is delivered by ships, making it vulnerable to transportation costs and uncertainties like war.
'We recommended in 2000 that it should be a long term goal to have 60 per cent of China's imported oil shipped by domestic companies by 2015,' Institute of Comprehensive Transportation (ICT) researcher Luo Ping was quoted as saying.
The ICT is affiliated to the National Development & Domestic Commission, the top state economic planning unit.
Mr Luo said almost all of China's major shippers have set the target of doubling their existing capacity by 2010.
China Ocean Shipping Company (Cosco) plans to expand its oil tanker capacity from the current 5.07 million dwt (deadweight tonnes) to 10 million dwt.
This will enable Cosco to transport 35 million tonnes of oil a year, accounting for more than 15 per cent of China's imports in 2010 and up from the current 8 per cent.
'We have already placed orders to build new tankers totalling 2.4 million dwt. The rest will be achieved through hires and more purchases,' he told China Daily.
Another big player, China Shipping Development Co Ltd, has ordered tankers of 3.5 million dwt each to increase its capacity from 3.9 million dwt to 8.5 million dwt.