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CMES acts as guarantor for nearly $1bn of China EximBank loan for 15 newbuilds

China Merchants Energy Shipping (CMES) has stepped up to be the guarantor for close to $1bn in borrowings from the Export-Import Bank of China (China EximBank) for 10 VLOCs and five VLCCs on order.

CMES is guaranteeing for 15 of its single vessel owning subsidiaries for the new ships on order, of which $637.5m of borrowings fall under the 10 valemaxe VLOCs, and $340m tagged to five VLCCs.

The loan tenure is 13 years for the $637.5m under the VLOCs and 10 years for the $340m under the VLCCs.

CMES is building four of the VLOCs at Shanghai Waigaoqiao Shipbuilding (SWS), four at Qingdao Beihai Shipbuilding Heavy Industry, and two at China Merchants Heavy Industry (Jiangsu), with deliveries up until end-2019.

For the VLCCs, CMES has 10 newbuild on order at Dalian Shipbuilding Industry Co (DSIC), Nantong Cosco KHI Ship Engineering (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks). It was not mentioned which five new VLCCs have come under the China EximBank loan.

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