More VLCCs for CMES

China Merchants Energy Shipping (CMES) has added another four VLCCs to its growing orderbook in China.

The company said on Monday that it was spending a total of $389.5m on the vessels, which are eco-designs to cut fuel bills.

Dalian Shipbuilding Industry will build two 319,000 dwt tankers for delivery in June 2016 and January 2017.

And Shanghai Waigaoqiao Shipbuilding will construct two 318,000-dwt VLCCs due in October 2016 and April 2017.

It already has five VLCCs coming from each shipyard from this year to 2017. These ships were costing $85m each, compared to an average of $97m this time.

The company also agreed to order 10 VLOCs for charter to Brazilian mining giant Vale last week.

CMES has recently formed China VLCC Co, a joint venture with Chinese state owner Sinotrans & CSC.

It is estimated the Hong Kong-based company will control a fleet of at least 40 VLCCs in two years’ time.

It will be operational by the end of September and kicks off with 26 vessels, comprising 17 tankers from troubled Nanjing Tanker Corp, a subsidiary of Sinotrans, with the remaining nine units from AMCL, the tanker wing of CMES.

source;tradewindsnews.com