Xiamen ITG Group readies for dry bulk and bunkering fleet growth


State-owned and Shanghai-listed Xiamen ITG Group has moved to expand its fleet with a pair of bulk carriers and six new bunkering vessels.

The company revealed in a regulatory filing that its shipowning arm, China World Maritime 10 Shipping, will buy two 82,000 dwt kamsarmax vessels for around $68m.

ITG Group has been steadily growing its shipping business and has so far mostly focused on dry bulk, with VesselsValue currently listing 15 bulkers in its 22-strong fleet.

Meanwhile, the company’s bunkering unit in Singapore, ITG Resources, will build six dual-fuel 6,000 dwt ships, with an investment estimated at about $87.6m. The move is expected to bolster the company’s transportation services, open up the connection between floating warehouses and terminal refueling customers, and strengthen its foothold in the Singapore bunkering sector.

The fleet expansion is part of Xiamen ITG Group’s six projects, for which it plans to raise funds via share issues.