SpecTec, China Merchants Energy Shipping Contract
SpecTec has signed an agreement to deliver its AMOS2 Enterprise Suite to China Merchants Energy Shipping Co Ltd, one of China's largest shipping companies. The signing of the contract took place on the 13th of March in Hong Kong between SpecTec CEO Giampiero Soncini, and China Merchants Energy Shipping Deputy General Manager Mr. Y.Q. Huang. The contract includes the delivery of a total of 26 AMOS2 systems to existing ships, followed by the delivery of an additional 16 systems for the newbuilding expansion plan of China Merchants Energy Shipping. Following this contract, SpecTec will expand its operations and staff in Hong Kong to better serve the needs of the local shipping community.
CMES Q1 Profit Surges on Strong VLCC Earnings
China Merchants Energy Shipping has posted 22.6% on-year growth in net profit to Yuan225m ($36.3m) during the first quarter ended 31 March 2015 due to buoyant tanker markets. Revenue for the quarter more than doubled to RMB1.36bn from YuanB660.44m a year ago. “In the first quarter of 2015, freight rates for the VLCC market were on average higher compared to the first quarter of 2014. The dry bulk shipping market hit bottom in January this year, and the market is expected to remain weak in the long run,” CMES commented.
Vale Sells Four 'ValeMax' Bulkers to China Merchants
Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China's state-owned China Merchants Energy Shipping Co in September. The 400,000-deadweight-tonne ships, known as Very Large Ore Carriers (VLOC) or "Valemax" vessels, are some of the largest ships ever built and were sold under accords between Vale and China Merchants signed in September 2014 and in May 2015, Vale said in a statement. Reporting by Guillermo Parra-Bernal and Jeb Blount
China Merchants Group, Sinotrans Deny Merger
China Merchants Energy Shipping Co., Ltd, a subsidiary of China Merchants Group, on Friday denied media reports that China Merchants Group would merge with Sinotrans & CSC Holdings Co., Ltd. CMES, an ocean transporter of crude oil and other energy sources, filed a statement with the Shanghai Stock Exchange (SSE) on late Friday, saying that the company and its parent have not yet received any notice from authorities about the merger. Sinotrans Air Transportation Development Co.
CMES Establishes Subsidiary for Valemax
China Merchants Energy Shipping Co., Ltd (CMES), the dry and wet bulk arm of state conglomerate China Merchants Holdings (International) Company Limited, has set up a wholly owned subsidiary China VLOC Company Limited to operate 400,000 dwt ore carriers in Hong Kong. The new Hong Kong-based subsidiary will own the four Very Large Ore Carriers (VLOC) or "Valemax" vessels, purchased at a total price of $448m by CMES. The 400,000-deadweight-tonne ships are some of the largest ships ever built and were sold under accords between Vale and China Merchants.
CMES Fleet Adds Bulk Carriers
The delivery and naming ceremony of PACIFIC MERIT, an energy-saving and environment-friendly bulk carrier with 64 thousand DWT, tailor-made by China Merchants Energy Shipping (CMES), was held in Chengxi Shipyard on 4 January 2018. Capt. Zhao Yaoming, Vice President of CMES and President of Hong Kong Ming Wah Shipping, and Lu Ziyou, the President of Chengxi Shipyard, attended and witnessed the ceremony. On the same day, CMES held the naming and delivery ceremony for the 44th VLCC NEW PRIME in Dalian COSCO KHI Ship Engineering…
Vale to Sell 4 Large Iron Ore Carriers to CMES
Brazilian miner Vale said on Tuesday it agreed to sell four large iron ore carriers to China Merchants Energy Shipping Co (CMES) , as it looks to raise cash in the midst of an iron ore price slump. The world's largest producer of iron ore said in a statement the details of the contract had not yet been finalised and will be released in the coming months. (Reporting by Stephen Eisenhammer)
MAN D&T Sells 60,000th Turbocharger
MAN Diesel & Turbo marked the sale of its 60,000th turbocharger after 80 years of turbocharger business, during the Marintec 2015 marine trade fair in Shanghai, by making a presentation to turbocharger customer, China Merchants Energy Shipping Co. Ltd. (CMES). The milestone has been reached with the (coming) delivery of 2 × TCA66-21 turbochargers, bound for an MAN Diesel & Turbo MAN B&W 7G80ME-C9 two-stroke engine powering a VLCC. The ceremony took place at the MAN stand at the trade fair where MAN Diesel & Turbo’s CEO, Dr.
Sinotrans to Build Five Arctic LNG Carriers
Sinotrans Shipping, one of China’s largest shipping companies, is in negotiations to take part in a joint venture to commission the building of five Arctic LNG carriers, says the company's stock market announcement. Sinotrans Shipping said it expects to take 25.5 percent of the shares in the joint venture without revealing any further information. Meanwhile, a report in Reuters said that China Merchants Energy Shipping, Sinotrans Shipping and Greek shipping firm Dynagas are in talks to form a joint venture to build five vessels to ship liquefied natural gas (LNG) from the Arctic.
China VLCC Sells Two VLCCs
China Energy Transport Co., Ltd. (China VLCC) has sold two secondhand VLCCs to an unrelated third party for a total price of $117.5mln. China VLCC is 51 percent owned by China Merchants Energy Shipping (CMES) and 49 percent owned by Sinotrans & CSC Group. It has signed agreements with two Marshall Island-registered companies, Coral Shipowning and Medal Shipowing, under which China VLCC will sell a 297,600 dwt VLCC of six to seven years old to each of the two companies. The entry…
China Merchants Shipping Approved to Buy Six Oil Tankers
China Merchants Energy Shipping Co. Ltd. (SHA 601872) said orders for six oil tankers have been approved by the National Development and Reform Commission (NDRC). In April, the company said it plans to buy two very large crude carriers (VLCC) displacing 300,000 deadweight tons and two tankers displacing 110,000 dwt from Dalian Shipbuilding Industry Co. Ltd. for $343m. In June, the company signed a $232m order with Dalian Shipbuilding to buy two VLCCs displacing 300,000 deadweight tons. The tankers will be delivered between December 2009 and March 2011. [Source: http://www.tradingmarkets.com]
CSD, Cosco JV to Buy Vale's Bulk Carriers
China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them. CSD and Cosco’s bulk shipping division Cosco Bulk Shipping holds 49% and 51% equity shares in the JV respectively. China Ore Shipping will buy four second-hand valemax vessels from Vale Shipping Singapore Pte., a unit of the world's major iron-ore producer, for 445 million U.S. dollars, says a joint statement from the companies.
CMES Rides High on Hope
China Merchants Energy Shipping (CMES), a Chinese international oil tanker operator, projects doubled profit in the first half of 2015 from a year ago. The Shanghai-listed Chinese ship-owner predicted on Friday that its net profits attributable to its shareholders would rise 110-130 percent year on year in the first half of this year. It has reported an unaudited profit of RMB253.55m ($40.51m) in the January-June 2015 period. CMES aims to double its revenues in 2015 from 2014, to CNY5.4 billion with the deliveries of newbuilds after a rash of scrapping of old tonnage in 2014.
CMES Orders Six VLCCs at Dalian Shipbuilding
China Merchants Energy Shipping Co Ltd (CMES) has firmed up orders to build six very large crude carriers (VLCCs) at Dalian Dalian Shipbuilding Industry Corp for $522 million, reports Reuters. The deliveries of 308,000dwt VLCCs are scheduled between August 2018 and October 2019. Order for six more VLCCs brings Chinese tanker operator’s total orders to ten. A week ago, CMES has placed an order for four newbuilding VLCCs, with two each at Nantong Cosco KHI Ship Engineering (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks).
China Shipping Firms, Dynagas Mull Arctic LNG Vessel Deal
China Merchants Energy Shipping, Sinotrans Shipping and Greek shipping firm Dynagas are in talks to form a joint venture to build five vessels to ship liquefied natural gas (LNG) from the Arctic, the firms said. China Merchants said in a stock exchange statement on Tuesday that its board had approved a proposal allowing subsidiary China LNG Shipping to take a 25.5 percent stake in the joint venture, which will pay $1.59 billion for the ships. Sinotrans, a unit of state-owned Sinotrans & CSC Holdings on Monday said it would take a 25.5 percent share of the joint venture without revealing who its partners were. Dynagas, a private Athens-based LNG shipping firm, will take a 49 percent stake, China Merchants' statement said.
CMES Confirms Order for 10 VLCCs
The board members of China Merchants Energy Shipping (CMES) has approved of a plan to order an additional 10 eco-friendly VLCCs. These vessels will be operated by CMES’ Hong Kong-based subsidiary, China VLCC Company Limited, a tanker JV between CMES and Sinotrans & CSC Group. China VLCC was set up in early September, will be in charge of vessel operation. CMES added that it would disclose more details on the announcement once the contracts on construction of the energy saving tankers are signed. Potential value of the deal is expected to reach around USD 920 million.
China Merchant Boosts Efficiency of VLCCs with Jotun HP
China Merchant Energy Shipping Co., Ltd (CMES) will upgrade the antifouling solution on their VLCCs New Builds at Dalian Shipbuilding Industry Co., Ltd. (DSIC) and new subsequent contracts to Jotun Hull Performance Solution (HPS) including SeaQuantum X200. In today’s highly competitive market, facing challenge of environment protection and economic environment, most ship owners are paying more attention to improve efficiency and reduce cost. “We actively respond to the call of energy-saving and emission reduction.
Mega Valemax Enteres China for First Time in Two Years
Mega-ore carrier Valemax Yuan Zhuo Hai, which is owned by China Ore Shipping, has arrived Dongjiakou Port in Qingdao for unloading iron ore. This is the first entry of such a bulk carrier tonnage in the sea port of China for the past two years. Yuan Zhuo Hai is one of four 400,000dwt VLOCs acquired by China Ore Shipping from Brazilian ore giant Vale. The 400,000 dwt Valemax is expected to be part-laden, having called at Vale's Subic Bay iron ore transhipment terminal in Philippines after loading its initial cargo at the miner's Brazilian Itaqui port…
China Shipping and Cosco Near Mega Merger Deal
State-owned shipping giants China Ocean Shipping Co. (Cosco Group) and China Shipping Group (CSG) are in advanced negotations on combining their container shipping businesses, reports WSJ. Rumors of a merger deal between the two have been floating for half a year. Both companies suspended trading their shares at the start of August. Discussions are complex and would require government and regulatory approval that has proved difficult to predict. If successful, the deal would create the world’s fourth largest container operator by capacity.
China's VLCC, PetroChina Seals Crude Shipping Deal
China VLCC, a joint venture between China Merchants Energy Shipping (CMES) and Sinotrans&CSC, has signed a two-year crude shipping contract with Dalian-based West Pacific Petrochemical (Wepec), operated by PetroChina. The contract will be extended by one year with approvals from both parties, according to a stock exchange announcement filed by CMES. The shipping rates will be determined according to market levels. West Pacific Petrochemical is a refinery operated by PetroChina, while China VLCC is the largest very large crude carrier (VLCC) operator in China.
China Exim Bank, SWS Sign $312m Financing Deal
Shanghai Waigaoqiao Shipbuilding (SWS), a yard owned by the industrial conglomerate China State Shipbuilding Corp (CSSC), has secured a US$312million loan from the Export-Import Bank of China to build three 18,000 teu containerships. The deal marks the first time that SWS will be building large containerships of 18,000 teu in capacity. The new buildings will be deployed on the main Asia-Europe trading lanes and the charterer is one of the world’s top three biggest lines, according to CSSC.
Ships Carrying US Sorghum U-turn after China Tariffs
Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed.Sorghum is a niche animal feed and a tiny slice of the billions of dollars in exports at stake in the trade dispute between the world's two largest economies, which threatens to disrupt the flow of everything from steel to electronics.The supply-chain pain felt by sorghum suppliers on the Pacific…
China Policy Change Opens Door for Vale Mega-Ships
China has amended rules around ships it will allow to berth at mainland ports, paving the way for Brazilian miner Vale to ship iron ore in its giant 400,000 deadweight tons (DWT) carriers. Vale's mega ships, the world's biggest bulk ore carriers, have been barred from China since January 2012 due to rules which disallowed ships of more than 250,000 dwt in capacity. An internal circular issued last week by the Ministry of Transport and seen by Reuters on Wednesday said it would now recognise ships with capacity of 400,000 dwt.