China Merchants Energy Shipping has signed five shipbuilding contracts through its wholly owned subsidiary, Associated Maritime Company Hong Kong, for five Aframax tankers at Dalian Shipbuilding Industry.
The total contract value is approximately CNY2.485 billion ($368 million), with deliveries scheduled between 2029 and 2030.
According to the company, the vessels will be equipped with exhaust gas cleaning scrubbers and shaft generators. Two of the tankers are expected to be delivered in 2029.
The company stated that the investment is intended to strengthen its position in the global tanker market, enhance service capabilities, and modernise its fleet.
The contract price will be paid in six instalments tied to construction milestones. An initial 10 per cent payment is due upon signing, followed by a further 10 per cent payment 12 months later.
Additional 10 per cent instalments will be paid at steel cutting, keel laying, and launching, with the remaining 50 per cent payable upon delivery of each vessel.
CMES said the newbuild programme will be financed through a combination of internal funds and bank borrowings.
