China's two prominent state-owned companies, CSSC and CSIC, are expected to split up newbuilding contracts, while China Merchants Energy Shipping (CMES) are planning to place massive orders for newbuilding tanker.
CMES is to order a total of 10 tankers, including VLCC, by netting CNY 2.893bn ($460m) from sales of its stock.
CSSC Guangzhou Longxue Shipbuilding, Dalian Shipbuilding Industry Co. etc., are named and it seems that yards would win at least a pair of VLCCs each.
With additional chartering, CMES plans to expand its tanker fleet up to 10m-dwt (30-some VLCCs included), in the end.