Shanghai-listed Tianjin Marine plans to raise up to RMB12bn ($1.96bn) through a private share offering to help fund the purchase of the 14 new ships and to replenish working capital, the company announced on Wednesday.
Out of the RMB12bn of potentially available funds, the 10 VLCCs are expected to use up RMB3.6bn and the four LNG carriers will take up RMB4.8bn, while a remaining RMB3.6bn will be used for working capital.
Tianjin Marine estimated that the 10 VLCCs will require an investment of RMB5.52bn, or around $90.2m each.
The company plans to order five units at the end of this year for delivery in 2014, and a further five units will be ordered in 2014 for delivery in 2015.
The four LNG carriers of 160,000 c um each will cost a total of RMB4.9bn, or $200.5m each, according to Tianjin Marine.
The plan is to order two carriers at the end of this year for delivery in 2015 and a further two will be ordered next year for delivery in 2016.
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