Specifically, the remaining $180 million will be used for debt repayment.

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The four VLCCs are for the time being, being constructed at DSIC. Their delivery is scheduled at the end of 2019.

CMES is the largest VLCC owner throughout the glob, and consists of 49 VLCCs fleet. The company stated that the four additional new-builds are crucial for their fleet optimization plan.

In addition, the two VLOCs have been ordered at Waigaoqiao Shipbuilding and Behai Shipbuilding and will be used to transfer iron ore for Vale under an agreement with COA.

Additionally CMES will order two 3,800 ceu car ro-ro vessels, used for domestic operations.

Finally, CMES reported the fund raising plan fits the company’s long term development strategy and will enhance the company’s profitability and risk management capability.