CMES Secures Ship Financing Loan, China

China Export-Import Bank will back the construction of China Merchants Energy Shipping’s (CMES) 10 Very Large Crude Carriers (VLCCs) with a $510 million loan.

Last Friday, CMES announced in a regulatory filing that it had entered into a financing agreement with China Exim Bank in Hong Kong for the construction of 10 VLCCs.

A fleet renewal programme for CMES saw the company added 10 new eco-friendly VLCCs at the start of this year, reports Seatrade.

Delivery of the newbuilds will be in phases beginning from October 2014.

[mappress]
SBT Staff, November 11, 2013