China Merchants Energy Shipping, through its wholly owned subsidiary Hai Hong Shipping Hong Kong, has signed five shipbuilding agreements with Dalian Shipbuilding Industry Group. The order covers five energy-efficient and environmentally friendly Aframax tankers equipped with desulfurization scrubbers and shaft generators. The total contract value is approximately 2.485 billion yuan. Delivery is scheduled from 2029 to 2030, with two vessels to be delivered in 2029. Payments will be made in six installments: 10 percent upon signing, 10 percent 12 months after signing, 10 percent upon steel cutting, 10 percent upon keel laying, 10 percent upon launching, and 50 percent upon delivery. Dalian Shipbuilding is a subsidiary of China State Shipbuilding Corporation and has no related-party relationship with the company. The transaction has been approved by the company's seventh board of directors at its thirtieth meeting and does not require shareholder approval, but it still needs to be filed with relevant national authorities. The company stated that this order will strengthen its position as a world-class tanker fleet and is expected to have a significant positive impact on its future financial condition and operating results.
China Merchants Energy Shipping Co LtdOrders five Aframax tankers for ~2.485B yuan, strengthening fleet and expected positive impact on financials.
