China Merchants orders 4 bulkers at Jinling
- Business & Finance
Shanghai-listed China Merchants Energy Shipping (CMES) has placed an order with Jinling Shipbuilding, a shipyard of China Merchants Group, for four open hatch bulk carriers.
The 62,000 dwt bulkers will cost US$ 29.6 million per ship, pushing the total investment to US$ 118.6 million. The newbuilds are scheduled for delivery in 2022.
CMES said that the multi-purpose vessel purchase and construction plan was needed to update the company’s bulk cargo fleet and enhance its competitiveness.
Separately, the Chinese major revealed in a regulatory filing that it expects an increase of between RMB 900 million and RMB 1.1 billion in its net profit for the first quarter of 2020.
This is an increase of between 320% and 391% compared with the same period of the year before, standing at RMB 1.2-1.4 billion (US$ 170-190 million).