China Merchants Energy Shipping (CMES) will order more VLCCs after recording strong first-quarter results amid major group restructuring.
The Shanghai-listed unit of state-owned China Merchants Group, said its board approved a proposal to order two eco VLCCs from Dalian Shipbuilding Industry for up to about $169m.
Further details will be announced when the newbuilding contract is signed, said the company, one of the world’s largest VLCC owners.
