Five VLCCs for CMES

first_imgzoom 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.last_img read more