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China Merchants Energy Shipping orders up to 12 new bulkers

China Merchants Energy Shipping orders up to 12 new bulkers
China Merchants Energy Shipping (CMES) has placed an order for eight dry bulk carriers with an option for four more at Chinese shipyards.

Shanghai-listed CMES has confirmed orders for two 64,000 dwt eco-friendly bulkers at CSSC Chengxi Shipyard and six 61,000 dwt eco-friendly bulkers at Nantong Cosco KHI Ship Engineering (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks).

The eight newbuildings commanded a price tag of $212m, the shipowner revealed. The new ships are scheduled to be delivered between the third quarter of 2015 and the second quarter of 2016.

CMES said that payment terms for six of the vessels were agreed at 10% deposit, 10% each upon work commencement, keel laying, commissioning and 60% upon delivery. The payment terms for two other vessels were 20% deposit, 10% each upon work commencement, keel laying, commissioning and 50% upon delivery.

CMES has also inked an option for four bulkers with CSSC Chengxi Shipyard.

“The board believes that the latest newbuilding orders will significantly bolster the company's fleet size and market competitiveness. The bulker fleet expansion will also help to optimise our fleet structure and diversify the risks from our core tanker shipping business,” CMES said.

It added that the environmentally friendly designed new bulkers will reap savings in fuel consumption and improve operational efficiency.