The Board of Directors of China Merchants Energy Shipping (CMES) has voted in favor of constructing a new methanol dual-fuel Very Large Crude Carrier (VLCC).
The construction of the vessel, which would be the world’s first methanol-powered VLCC, is expected to take place at Dalian Shipyard and the price is set at $107.5 million.
CMES said that the delivery of the vessel should be no later than April 2026.
The decision comes as part of CMES’s commitment to adapting to the evolving trends in the shipping industry while maintaining an environmentally responsible approach.
The board has authorized the company to enter into relevant contracts in due course.
Methanol dual-fuel technology holds immense potential for reducing greenhouse gas emissions and contributing to the global effort to combat climate change. It has emerged as one of the fastest-growing alternative fuels in the shipping sector.
Simultaneously, the company’s board has extended its support to a comprehensive renewal plan for the company’s bulk carrier fleet.
The strategic initiative is designed to cater to CMES’s evolving dry bulk fleet business and quality improvement needs. The board’s approval grants the company the authority to renew and construct new dry bulk carriers in line with prevailing market conditions and shipbuilding dynamics at a reasonable price.
The board’s endorsement empowers the company’s management to engage in the signing of requisite agreements as necessary.