China CSSC to build 10 Massive Oil Tankers for CMES(Yicai) March 31 -- China CSSC Holdings bucked the broader market downturn today after the shipbuilder said it will build 10 very large crude carriers (VLCCs) for China Merchants Energy Shipping in a deal worth about CNY8.6 billion (USD1.2 billion).
China CSSC [SHA: 600150] closed up 1 percent at CNY30.84 (USD4.50) after rising more than 3 percent intraday. Due to uncertainties stemming from the conflict in the Middle East, the major Shanghai and Shenzhen stock indexes declined today, with the Shanghai Composite Index closing down 0.8 percent. China Merchants Energy Shipping [SHA: 601872] closed down 3.9 percent at CNY16.36 today.
The vessels will be constructed by Dalian Shipbuilding Industry, a wholly owned subsidiary of China CSSC, with deliveries scheduled between 2028 and 2030, according to separate announcements released by both companies yesterday. The contract value falls within the previously disclosed estimated range of CNY8 billion to CNY9 billion.
China Merchants Energy Shipping said it signed the shipbuilding contract on March 30 through its Hong Kong-based wholly owned subsidiary. China CSSC had earlier disclosed the order from a leading Chinese crude oil transportation company without naming the client. The new vessels will adopt Dalian Shipbuilding’s independently developed next-generation VLCC design that complies with the latest global environmental standards. The ships will use conventional fuel but will reserve space for potential future upgrades to dual-fuel propulsion systems.
China Merchants Energy Shipping is the world’s largest VLCC owner by fleet size. As of the end of last year, it operated 51 VLCCs with a combined deadweight tonnage of 15.8 million tons. In 2025, the company’s tanker fleet transported 81.6 million tons of cargo and generated CNY10.3 billion (USD1.5 billion) in revenue, accounting for nearly 37 percent of its annual total revenue. The company also has five VLCCs under construction with a total deadweight tonnage of 1.5 million tons, according to its 2025 annual report.
Editor: Emmi Laine
