Wei Jiafu, President and CEO of the China Ocean Shipping (Group) Co (COSCO) has revealed that the company is undertaking an ambitious expansion plan, with the aim of becoming the world's largest shipping company by 2010, according to the Shenzhen Daily.

COSCO is planning to double the number of very large crude containers (VLCC) in its fleet to eight by the end of 2007, Wei stated on the sidelines of the annual Boao Forum for Asia (BFA) conference, which was attended by Zeng Qinghong, Vice President of the Peoples' Republic of China.

These vessels, which have a deck area the equivalent of three soccer pitches, have a capacity of 300,000 tons. The new ships will bring the company's total oil shipping capacity to 4.2 million tons at the end of next year.

Wei has previously stated that the company's aim is to expand by buying out rivals, and ultimately the firm wants to increase its fleet of VLCCs to 15.

In addition, COSCO plans to add five new container ships with capacity of 9,000 to 9,500 TEUs (twenty-foot equivalent units) to its fleet this year. Further plans for expansion are also in the pipeline, and the company, first formed in 1961, hopes to become the largest player in the shipping world by 2010.

"We have already reached 38 million (dead weight) tons, and I hope this will reach over 40 million (dwt) during the five-year plan," Wei said at the forum.