China Merchants Energy Shipping raises $519m from share issue

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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