China Merchant Energy Shipping (CMES) announced that it has signed a 10-year loan contract with China Exim Bank in Hong Kong to fund its VLCC orders.
Under the agreement, CMES will borrow $510m from China Exim Bank to fund 60% of the total ship price of 10 VLCCs.
CMES ordered a total of 10 VLCCs at CSIC and Shanghai Waigaoqiao Shipbuilding in February 2013. The ships will be delivered at the end of 2014 and the first half of 2015.