CMES on Ordering Spree with 10 VLOCs Placed at Chinese Yards

Shanghai-listed shipping company China Merchants Energy Shipping (CMES) has placed an order for ten VLOCs at three compatriot yards.

Eight 400,000 dwt VLOCs will be built by Shanghai Waigaoqiao Shipbuilding (SWS) and Qingdao Beihai Shipbuilding Heavy Industry, four each for a total of USD 680m, whereas the remaining two are assigned to China Merchants Heavy Industry (Jiangsu).

In November last year, CMES revealed that its board approved a plan to order ten very large ore carriers as part of a charter deal with Brazilian mining major Vale. The duo firmed their deal earlier this month signing a CoA for a period of up to 27 years.

At the time, CMES said that two of the 400,000 dwt bulk carriers will be constructed at its affiliate, China Merchants Heavy Industry (Jiangsu) Co, without specifying who will build the remaining eight VLOCs.

The overall order value is set at USD 850 million.

As disclosed, CMES is expected to take delivery of its first newbuild from the batch in 2018.

CMES’ Hong Kong-based subsidiary, China VLOC Company Limited, was set up in early September for the specific purpose of operating the Valemaxes.

World Maritime News Staff

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