China Merchants ordering VLCC quartet

China Merchants ordering VLCC quartet

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.

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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