China Merchant Energy Shipping (CMES) has confirmed that it is only paying $88m for its latest VLCC newbuildings.

The Shanghai-listed shipowner confirmed Wednesday that it has ordered the first four of a planned series of ten large tankers.

Nantong Cosco KHI Ship Engineering (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks) will each build two VLCCs.

Due for delivery from December 2018, the VLCCs will be operated by China VLCC, a joint venture between CMES and Sinotrans & CSC Group.

“The