China Merchants Energy Shipping (CMES) is expected to secure a financing deal with China Exim Bank for the construction of 10 valemaxes.
China Merchants Group signed a strategic agreement with China Exim Bank in December. Under the agreement, China Exim Bank will offer financing support for China Merchants Group for a series of projects including energy shipping, offshore equipment, overseas acquisition, and infrastructure development.
An official at China Merchants told Splash that the financing deal for valemaxes is still under discussion.
CMES signed shipbuilding contracts for the construction of ten 400,000dwt VLOCs with three domestic yards, Waigaoqiao Shipbuilding, Beihai Shipbuilding and China Merchants Heavy Industry, in March.
Total value of the vessels is about $850m, and deliveries are scheduled between the first half of 2018 and the end of 2019.