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China Merchants Energy Shipping to buy 12 handymaxes

China Merchants Energy Shipping to buy 12 handymaxes
China Merchants Energy Shipping (CMES) is going ahead with plans to purchase 12 new dry bulk carriers.

The Shanghai-listed company plans to order 12 handymaxes in order to optimise its fleet of bulk carriers. Financial details of the newbuilding plan and the identity of the shipbuilder were not disclosed.

CMES also announced intentions to dispose of five aged oil tankers in a bid to streamline its tanker fleet.

The company had earlier placed orders to build 13 VLCCs from Chinese shipyards with deliveries planned up to 2017.

The recession in the global shipping market has seen CMES plunged into the red in the first half of this year with a net loss of RMB137.49m ($22.41m) as against a profit of RMB82.72m in the same period of 2012.