China VLCC ordering 10 VLCCs

China VLCC ordering 10 VLCCs

China Merchants Energy Shipping (CMES) has announced today that the board has approved a plan for China VLCC, a tanker joint venture between CMES and Sinotrans & CSC, to order 10 VLCCs at three domestic yards.

CMES said the contract details will be announced at a later date.

China VLCC currently operates a fleet of 34 VLCCs, with an additional nine on order. In October, it sold VLCCs New Medal (297,600 dwt, built 2009) and New Founder (297,400 dwt, built 2008) to Greece’s Navios for $133m.

China Merchants Group, the parent company of CMES, is currently working on a takeover deal for Sinotrans & CSC.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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