China Merchants Energy Shipping (CMES), a part of the China Merchants Group, has finalized its order for the construction of four new-generation very large crude carriers (VLCCs).
The compatriot Dalian Shipbuilding Industry Co has been entrusted with the order worth USD 331.8 million, the company said in an exchange filing.
The 307,000 DWT ships will have energy-saving features and will be fitted with environmentally-friendly technologies, according to CMES.
“The company’s board of directors believes that the order is in line with the company’s development strategy and the need for the optimization of the company’s fleet structure,” the filing reads.
By investing in fleet rejuvenation, CMES hopes to boost its competitiveness on the global market and expand its market share.
The conclusion of the contract comes on the back of an announcement made in early November when CMES revealed plans to build the quartet.
The ships are scheduled to start their delivery from August 2021 running through July 2022.