Five VLCCs for CMES

China Merchants Energy Shipping (CMES) has placed orders for construction of four Very Large Crude Carriers (VLCCs) with two Chinese shipbuilders worth a total of USD 390 million.

Dalian Shipbuilding Industry Co (DSIC) will construct two 319,000 dwt VLCCs whereas Shanghai Waigaoqiao Shipbuilding will build the other two 318,000 dwt VLCCs.

All four eco-friendly ships are expected to start delivery in 2016 continuing through 2017.

In addition, CMES subsidiary Haihong Shipping has exercised an option at Dalian for one more 319,000 dwt eco-friendly crude tanker, slated for delivery by 30 September 2017.

Shanghai-listed CMES said the new vessels will be 40% funded by 60% from bank loans and 40 % from internal resources.

The two Chinese shipyards are already building ten VLCCs for CMES, five each, expected for delivery from this year to 2017.

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