China Merchants Energy Shipping (CMES), the major shipping unit of China Merchant Group, has announced a plan to order four VLCC newbuildings.
The company has allocated a budget of up to $85m for each vessel. Other details were not disclosed.
CMES took delivery of a newbuilding VLCC New Treasure from DSIC last week, expanding its VLCC fleet to 53 vessels, the largest VLCC fleet in the world.
The company reported a net profit of RMB722.5m ($103.2m) for the first three quarters of this year, up 64.25% year-on-year.