en.Wedoany.com Reported - China Merchants Energy Shipping Co., Ltd. (referred to as "CMES", 601872.SH) announced on July 17, 2026, that the company intends to sign a "Shipbuilding Agreement" with a subsidiary of its related party, China Merchants Shipbuilding Industry Group Co., Ltd. (referred to as "CMSI"), through an overseas single-vessel company established by its wholly-owned subsidiary. The agreement involves building six new-generation energy-efficient and environmentally friendly Very Large Ore Carriers (VLOCs) of 343,000 deadweight tonnage each, with a total project investment expected not to exceed 4.93 billion yuan. The vessels are planned to be delivered successively from 2029 to 2030.
CMES is a core enterprise under China Merchants Group Co., Ltd. (referred to as "CMG") engaged in energy transportation. It was listed on the Shanghai Stock Exchange in 2006, with main businesses covering oil tanker transportation, dry bulk cargo transportation, liquefied natural gas transportation, and container transportation. CMSI is also controlled by CMG, making this transaction a related-party transaction. CMSI's main businesses include the manufacturing of ships and related equipment, as well as the manufacturing of marine supporting equipment.
According to the announcement, the new VLOC construction is a decision made by the company based on its fleet development plan to promote the construction of the bulk carrier fleet, optimize ship type and age structure, strengthen cooperation with key customers, and enhance the market competitiveness and sustainable profitability of the dry bulk fleet. In terms of pricing, the company conducted inquiries and price comparisons with third-party shipyards capable of construction, focusing on core commercial terms such as vessel delivery time, ship price level, technical solutions, and payment conditions. The results showed that CMSI had a relative advantage in key conditions. The shipbuilding funds are planned to be raised through a combination of self-owned funds and external financing.
This transaction has been reviewed and approved by the Audit Committee of the Seventh Board of Directors and the Independent Directors' Special Meeting. The company's controlling shareholder, China Merchants Steamship Co., Ltd., submitted a temporary proposal to the Board of Directors on July 17, 2026, to submit this related-party transaction to the company's first extraordinary general meeting of shareholders in 2026 for review. Related shareholders with an interest in the transaction will abstain from voting.
Since the beginning of this year, CMES has publicly disclosed multiple ship orders, including 10 Very Large Crude Carriers (VLCCs) and 1 shuttle tanker (built by Dalian Shipbuilding), 4 3,000 TEU container ships (built by CMSI's Jinling Shipyard), 4 8,200 TEU container ships (built by China Merchants Heavy Industry (Jiangsu)), and 4 1,800 TEU container ships (built by CMSI's Qingshan Shipyard). The order for these six VLOCs will further expand the company's fleet scale. Currently, the fleet managed by CMES (including orders) exceeds 370 vessels, with a total capacity of over 52 million deadweight tons, ranking among the top globally.
