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Csc Group News

20 May 2016

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 into force of the agreement remains subject to the Board of Directors of the company and the counterparty approved by the Board. Meanwhile, China VLCC has on Thursday taken delivery of a new VLCC named New Constant in Dalian, China.

21 Dec 2015

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). The four orders are part of a 10-VLCC newbuild plan which was announced early last week. The eco-friendly VLCCs will be operated by China VLCC, a joint venture of CMES and Sinotrans & CSC Group.

08 Dec 2015

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 VLCC currently operates a fleet of 34 VLCCs, with an additional nine on order. In October, it sold VLCCs New Medal (297,600 dwt, built 2009) and New Founder (297,400 dwt, built 2008) to Greece’s Navios for $133m.

15 Oct 2015

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. In a statement to the Shanghai Stock Exchange, China COSCO  said after market close on October 13 that its trading halt would not last more than another month and it will announce important strategic developments within five trading days.

17 Aug 2015

Sinotrans Shipping in the Red

Sinotrans Shipping slid back into the red for the first half of 2015, turning to a $18.3m loss from a small $2.3m profit in the previous corresponding period. The dry bulk and container shipping arm of Chinese state-owned Sinotrans & CSC Group continues to feel the pain of low rates. The  company is now considering diversifying its shipping business. Revenue of the Hong Kong-listed  company dropped 19% year on year (y/y) to $485.1 million , a stock filing of Sinotrans Shipping said on 14 August. ”The recovery of global economy was slow and uneven, among which the growth of developed economies has picked up but was still weaker than anticipated, while the increase in emerging economies such as China continued to slow down.

06 Jul 2015

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. In 2014, CMES' revenues rose 1.4% y/y to CNY2.6 billion. The…

05 Apr 2007

MAN Diesel SE has Celebrates Delivery Milestone

Among total orders for over 140 of its type 58/64 heavy fuel engine sold to China in the past 6 years, the Augsburg works of MAN Diesel recently delivered the 100th example of its seven cylinder, inline configuration type 7L58/64 type engine to a Chinese shipyard. The special success of the seven cylinder version of the 58/64 is based on its popularity as the main engine in the type CV 1100 TEU container feeder ship. This vessel type is built at a number of shipyards in China, including the Jinling, Jiandong and Qingshan facilities of the CSC Group. As its name indicates, the CV 1100 TEU feeder has container carrying capacity of 1100 twenty foot equivalent units. MAN Diesel reports that this vessel type was first built in Europe and the design transferred to China in the early 2000’s.