Finance and InsuranceGreater China
China Merchants Energy Shipping raises $519m from share issue
China Merchants Energy Shipping (CMES) has completed a plan to raise funds through issuing new shares to a number of specific investors.
CMES has issued 673m new shares to eight investors including parent China Merchants Group, Dalian Shipbuilding Industry, JP Morgan Securities and several investment institutions, raising RMB3.61bn ($519m) in total which is less than the planned RMB4.1bn.
The proceeds will be primarily used to support the construction of four VLCCs, two VLOCs, two roro ships and installation of scrubbers on ten VLCCs.
CMES is the largest VLCC owner in the world, operating a fleet of 51 VLCCs and another four on order.