CMES Inks Deal for Four VLCCs

China Merchants Energy Shipping (CMES) signed a purchase and construction agreement for four additional energy saving VLCC tankers with two shipyards, namely Dalian Shipbuilding Industry Company (DSIC) and Shanghai Waigaoqiao Shipbuilding Co., Ltd.

The eco-friendly VLCCs to be built by DSIC, which are expected to cut fuel consumption by 20% in comparison to the existing units of the company’s fleet, are slated for delivery in April and September of 2016.

The batch of two more VLCCs to be constructed by Waigaoqiao are said to be ready to join the fleet in July 2016 and January 2017 respectively.

In the beginning of August, CMES exercised its options with DSIC and Waigaoqiao Shipbuilding for the construction of additional four VLCCs bringing the total order to ten VLCCs.

CMES signed shipbuilding contracts with DSIC and Waigaoqiao in February to construct three VLCCs plus two options at each yard.

It is reported that this series of vessels is the latest generation of environmentally friendly VLCCs priced at $85m each.

The decision to order construction of the ships in question comes in the aftermath of the “go ahead” decision of CMES’s board to rejuveate its fleet with  12 handymax bulk carriers.

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Shipbuilding Tribune Staff, August 29, 2013