China Merchants Energy Shipping Names New Bulker - Pacific Talisman

By Vessels

The Chinese state-owned shipping operator China Merchants Energy Shipping (CMES) has named its new bulk carrier Pacific Talisman at Dalian COSCO KHI Ship Engineering (DACKS).

Featuring a weight of 61,000 tons, the new bulker is equipped with energy saving technology, according to its owner.
With the new vessel, CMES’ bulk carrying fleet now stands at a total of 4.82 million dwt.

China Merchants Energy Shipping Names New Bulker - Pacific Talisman

Just two weeks ago the company decided to further expand its carrier fleet by ordering ten 400,000 dwt very large ore carriers (VLOC) at three compatriot yards for a price tag of USD 850 million.

Eight of these vessels will be built by Shanghai Waigaoqiao Shipbuilding (SWS) and Qingdao Beihai Shipbuilding Heavy Industry, while the remaining two will be constructed by China Merchants Heavy Industry (Jiangsu).

The first newbuild from the batch is expected to join the company’s fleet in 2018.

CMES saw its net profit skyrocket by 476 percent, from RMB 200.26 million (USD 30.7 million) in 2014 to RMB 1.15 billion (USD 176.6 million) in 2015.

The main factors that contributed to a positive net profit were the strong tanker market experienced during the year, as well as the Chinese government’s subsidy, received in September for the disposal of aging vessels and the acquisition of new tonnage.

While the tanker market pushed the company into the black, CMES’ dry bulk shipping business remained sluggish due to the market downturn in 2015.

Source: WorldMaritimeNews