CMES borrows $510m for 10 newbuild VLCCs

Hong Kong: China Merchant Energy Shipping (CMES) announced that it has signed a 10-year loan contract with China Exim Bank in Hong Kong to fund its VLCC orders.

Under the agreement, CMES will borrow $510m from China Exim Bank to fund 60% of the total ship price of 10 VLCCs.

CMES ordered a total of 10 VLCCs at CSIC and Shanghai Waigaoqiao Shipbuilding in February 2013. The ships will be delivered at the end of 2014 and the first half of 2015. [30/06/14]

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