Chinese chemical tanker player Xingtong Shipping has established a joint venture with Xiamen C&D Supply Chain Logistics Technology, a subsidiary of fellow supply chain management conglomerate C&D. The Shanghai-listed duo is launching Shanghai Xingtong Lianfa Shipping with $35m registered capital that will focus on building and operating new chemical carriers for global trade. The JV, in which Xingtong will hold a 51% stake, was created to explore market supply potential, domestic shipbuilding industry advantages, and the transition of green, low-carbon, and smart ships in the context of global decarbonisation, the company said in a filing. Set up in 1997, Xingtong controls a fleet of more than 40 vessels including chemical tankers, product oil tankers and LPG carriers. Last November, the company revealed a $195m investment plan to expand its fleet with two 25,900 dwt methanol dual-fuel and four 13,000 dwt newbuilds, which would be deployed on international trades. It also has a series of methanol 25,900 dwt newbuilds booked for construction at CSSC-affiliated chemical tanker specialist Wuchang Shipbuilding. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); });