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CMES seals $76m VLCC charters, scraps six elderly bulkers

CMES seals $76m VLCC charters, scraps six elderly bulkers
China Merchants Energy Shipping (CMES) has penned time charter deals with the subsidiaries of BP and Taiwan’s CPC to provide one VLCC each, and disposed of six elderly bulk carriers.

The time charter deals with BP and CPC are over a two to three-year period and CMES expects to rack in charter revenue of RMB495m ($75.5m), which would account for 19% of its total revenue in 2014.

Meanwhile, the Chinese shipowner sold six elderly dry bulk carriers of 49,000 dwt each, as part of the company's continuous fleet renewal programme. The deal, however, would see the company make a loss of RMB138.91m.

The bulkers were built between 1995 to 1997 in Japan and are near the end of their 25-year operational lifespan.