CHINA POOL,China's First VLCC POOL, Announced its Public Operation

CHINA POOL---China's first VLCC POOL, announced its public operation on 18th Octorber,2021. It has become a new milestone for the tanker transportation industry to enter the era of sharing and win-win cooperation.


-About CHINA POOL-

CHINA POOL is the first and only VLCC POOL in China, with 42 VLCC, representing 12.89 million DWT. CHINA POOL is committed to providing integrated, efficient and safe transportation and supporting services for global crude oil trade.

Different from the traditional shipping business model, POOL adopts the business model of scale operation and professional operation of the company. Relying on the professional management team, POOL achieves the scale efficiency and maximization of commercial value by gathering international and domestic vessels of similar type for unified management and overall distribution. An open, transparent, fair and reasonable evaluation system is adopted for income distribution in the POOL. The income distribution benchmark is determined by a comprehensive score based on the performance and effectiveness of the VLCCs entering the POOL, and all stakeholders share the added value created by POOL operation and management.

COSCO SHIPPING Energy, the initiator of CHINA POOL, is the world's largest tanker owner with the most completevessel type, anda leader in China's domestic oil transportation. CHINA POOL is able to serve the global customers with integrated and customized service solutions, relying on the global marketing network, professional management team, logistics solutions provided by complete types of tankers, high standard freight quality management system of COSCO SHIPPING Energy, and the advantage of industry chain services supported by its Group Company---COSCO SHIPPING.CHINA POOL is aimed to realize the efficiency, economy and safety of the logistics link, and to improve the brand value, business value and social value of POOL while creating more value for customers.

Recently, as global energy prices continue to rise, how to ensure national energy security under the new situation has drawn high attention from all sectors.On October 18, "Oil Trade and Transportation Seminar under The New Situation and Official Operation Contract Signing Ceremony of CHINA POOL" was held in Beijing. With the theme of "We pool, we win", the conference focused on win-win cooperation in the energy transportation industry under the new situation.Mr. Fu Gangfeng, Director of the Board, President and Deputy Party Secretary of CHINA COSCO SHIPPING Corporation Limited, Mr. Hu Jianwu, Deputy Director General of Oil and Gas Department of National Energy Administration, and Mr. Gao Haiyun, Level-2 Inspector, Bureau of Shipping, Ministry of Transport of the People's Republic of China attended the conference and delivered speeches.Mr. Zhao Wenzhi, Director of the Expert Committee of the National Oil and Gas Strategic Research Center and the academician of the Chinese Academy of Engineering, and Mr. Wang Jinzhao, Director of the Research Department of Industrial Economy of the Development Research Center of The State Council, delivered thematic reports on China's oil and gas supply and demand, energy demand and transportation security under the new situation.Mr. Zhang Shouguo, Executive Vice President of China Shipowners' Association, on behalf of the energy transportation industry, launched the Initiative to Improve Customer Service and Ensure the Security of Energy Transportation Supply Chain Under the New Situation. More than 70 guests from government departments, industry research institutions, energy enterprises, international famous shipowners, port enterprises and other parties involved in the energy industry chain and supply chain attended the conference.

During the meeting, as an excellent example of win-win cooperation in the energy transportation industry, CHINA POOL held a formal ceremony of its public operation. It gave a new annotation, "We pool, we win", to the topic of "Integrated Capacity, Infinite Capability". CHINA POOL adopts the most advanced pool model across the globe to integrate transportation capacity in operation, which eventually realize the win-win development with partners, peers and clients. In terms of the operation of the company, the pool fleet can help the company undertake more contracts with different scale, rental, affreightment requirement. It can also help to provide more specialized and differentiated service, which is of great benefit to improve the overall operational efficiency and provide clients with increasingly integrated and effective transportation services. Also. it would bring more operation income to the shipowners who participate in the pool. Regarding the relationship between supply and demand, the pool mode is conducive to manage surplus capacity, integrate idle resources, and optimize market structure. As far as safety management, the unified standard and corresponding management is vital to ensure safety to the ships in the pool, in a larger sense, which provide more reliable services to the clients.

CHINA POOL was initiated by COSCO SHIPPING Energy, the world's largest tanker owner under the COSCO SHIPPING Group. Relying on the all-type advantage of COSCO SHIPPING Energy, CHINA POOL can provide customers with customized whole-process energy transportation solutions, and also provide customers with industry chain extension services supported by the resource advantage of COSCO SHIPPING Group. The official operation of CHINA POOL marks that the large-scale, specialized and intensive operation mode that COSCO SHIPPING Group adheres to after the restructuring begins to export to the industry. It indicates that the tanker pool with Chinese elements will gradually integrate the scattered capacity in the market and take more responsibilities in ensuring the security of national energy transportation. It will also contribute China-featured programs and capability to the building of the global energy transportation ecosystem.

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