Philippines-based Chelsea Shipping Corp has received PHP242m ($6m) from parent firm Phoenix Petroleum to buy a new 14,000-dwt product tanker.
Chelsea Shipping said the new tanker acquisition would “strategically support and serve its logistics needs.”
Phoenix Petroleum had acquired 100% of Chelsea Shipping for $34m in October 2012.
The takeover of Chelsea Shipping was part of Phoenix Petroleum's strategy to have a fleet of tankers at its disposal to mitigate the risk of supply disruptions.