Shanghai-listed CMES said that as the company continues to enlarge its fleet of oil tankers and bulkers, it would get more difficult to ensure safe operations and the company’s present resources would be unable to meet the demand.
The Chinese shipowner also announced that it is planning a new share issue to raise RMB2bn ($322.6m) to fund the construction of five VLCCs and six bulk carriers, all of which will have environmentally-friendly features.
At the same time, CMES is continually disposing of elderly ships in an effort to lower operating costs and the average age of its fleet.
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