Shell Hires China VLCCs Supertanker

CMES Shanghai-listed China Merchants Energy Shipping (CMES) said that its subsidiary China VLCC signed a charter deal with the Netherlands-based Royal Dutch Shell. The charter deal relates to a supertanker (VLCC) that has been hired for a period of three years. As disclosed by CMES, the value of the deal is set at RMB 262 million (USD 39.8 million) which is expected to account for 10.06% of CMES revenue for 2014. The Very Large Crude Carrier has already been delivered to Shell and started the charter on the date of the announcement-January 30, CMES said. China VLCC had already chartered out one of its supertankers to Shell in February last year as part of a two-vessel deal with BP. China VLCC is a joint venture business set up in 2014 by majority holder China Merchants Energy Shipping (51% stake) and Sinotrans & CSC Group (49% stake). The joint venture’s fleet is comprised of 28 vessels. World Maritime News Staff