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China Merchants Energy Shipping declares option for four bulkers

China Merchants Energy Shipping declares option for four bulkers
China Merchants Energy Shipping (CMES) has exercised shipbuilding options to construct four ultramaxes at Chengxi Shipyard.

The four 64,000 dwt fuel-efficient bulkers are expected to be delivered in the second half of 2017, CMES told the Shanghai Stock Exchange.

Financial details of the newbuilding deal were not disclosed.

Last year September, CMES booked two ultramaxes at Chengxi Shipyard, and it has already exercised an option to build four more sister vessels in December. The latest deal means CMES will take delivery of 10 new ultramaxes from the Chinese yard.

Meanwhile, CMES recently warned of a substantial net loss in the financial year 2013 due to the prolonged downturn in the tanker shipping market. A loss of RMB2.2bn ($363m) was predicted for the year ended 31 December 2013, compared to a gain of RMB91.07m in the previous year.