China Merchants Energy Shipping places order for four new VLCCs

The four orders are part of a 10-VLCC newbuild plan which was announced early last week. The eco-friendly VLCCs will be operated by China VLCC, a joint venture of CMES and Sinotrans & CSC Group.

CMES announced to the Shanghai Stock Exchange that it is paying $88m for each of the four 308,000 dwt VLCC, with deliveries scheduled from December 2018.

“The company expects that the new VLCCs ordered today would consume 20% less fuel compared to the VLCCs built in 2009-2011,” CMES stated.

As at 4 December 2015, CMES owned a fleet of 34 VLCCs and sat on an orderbook of 19 new VLCCs, including the four new orders and a further six units.