The emergence of a major shipping playerwith a 50-plus-ship fleet is a rare event. Rarer still is to see one debut in a sector that is in the grip of a major slump.Such an event has just occurred. Baota Petrochemical Group, a privately run refining and petrochemical group in northwest China, has signed a bareboat charter agreement for 50-60 vessels with a range of leading owners that includes Maersk Tankers, Hafnia Tankers, Scorpio Tankers, and Gulf Energy Maritime.
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