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.