China Merchants Energy Shipping (CMES) has signed an agreement to construct ten very large crude carriers through its wholly owned subsidiary Haihong Shipping Hong Kong. This contract with Dalian Shipbuilding is valued at approximately CNY8.566 billion ($1.185 billion).

Delivery of the new vessels is expected to take place between 2028 and 2030, the company stated. Two of the tankers are scheduled for handover in the first half of 2028.

Each vessel will be equipped with sulphur scrubbers and shaft generators while maintaining a "traditional" fuel design, according to CMES' specification.

Payment for the construction will be made in six instalments, starting with 10 per cent upon signing on March 30. A further 10 per cent is due 12 months later, followed by payments at various construction milestones until a final 50 per cent is paid on delivery.

CMES said the purchase will be financed using a combination of internal resources and bank loans.

While the immediate financial impact is limited, positive contributions to future performance are anticipated, the company added.