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China Merchants Energy to buy six ships for $508m

Article-China Merchants Energy to buy six ships for $508m

China Merchants Energy to buy six ships for $508m

Shanghai: China Merchants Energy Shipping Co, the country's biggest oil carrier, said on Tuesday it plans to order six vessels for a total of $508.2 million.
The company has signed an agreement to buy one 300,000-tonne crude vessel and three 180,000-tonne bulk cargo carriers from a state-run shipbuilder in the northeastern city of Dalian for $358.2 million, it said in a statement.
It has also placed an order for another two bulk cargo carriers of the same size with a state shipyard in the eastern city of Qingdao, it said.
The six vessels are due to be delivered between 2009 and 2011, the statement said.
Sixty percent of the financing required for the purchase would come from its internal resources, with the remainder from bank loans, China Merchants Energy added.
Earlier in the month, the company announced orders for eight vessels.
In June, it unveiled plans to buy two crude oil tankers for a total of $232 million. In April it said it had agreed to buy four crude oil tankers for $343 million.  [28/08/07]

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