As Reuters reports citing a Chinese shipping executive, the fleet would include new orders of 50 vessels of 8,000 to 10,000 deadweight tonne (DWT) each and chartering an additional 50 smaller vessels each of 3,000 - 4,000 DWT.

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The cost of buying the 50 new vessels would be approximately $571.91 million, while all the barges will be built in Chinese shipyards.

What is more, the larger barges will ship fuels from these refineries to three transshipment hubs in Shandong province, Zhoushan port on the east coast and Guangzhou in the south, where Sinopec has leased storage.