China Merchants Energy Shipping, the country’s

largest tanker operator, has raised Rmb4.45Bn ($566M) in an initial

share sale to buy ships to meet China’s future energy needs, according

to a Bloomberg report. The Shanghai-based, state-controlled company sold

1.2Bn shares for Rmb3.71 each, the maximum price sought, a statement to

the stock exchange said today. No indication was given of when the

shares would start trading. The company has already announced it plans

to expand its fleet from 28 to 47 vessels, including six VLCCs. Ten of

its 14 oil tankers will need to be replaced due to their single hulls.

The International Energy Agency forecast earlier this month that China,

the world’s largest energy consumer after the United States, will raise

its dependence on imported oil from the current 40% to 77% by 2030. Oil

shipments accounted for three-quarters of China Merchants Energy

Shipping’s revenue in the first half of the year.