China Merchants Energy Shipping boosts fleet with new vessel

China Merchants Energy Shipping (SSE:601872) announced the delivery of a new 62,000-ton heavy-lift multipurpose vessel named "Ming Rong." Delivered on April 21, 2025, in Yangzhou, the vessel is the first of four such ships ordered in 2023. Equipped with three 150-ton cranes, the environmentally friendly "Ming Rong" is designed for a broad range of cargo, augmenting CMES' fleet and service capabilities. This addition comes amid aging global dry bulk capacity, enabling CMES to strengthen its market position. As of the announcement, CMES' dry bulk fleet comprises 101 vessels (excluding chartered ships), including 37 VLOCs, 16 Capesize, 6 Panamax, and 37 Handysize vessels, with an order book of 17 vessels. Two additional “Ming Rong” class vessels are slated for delivery in the second half of 2025. CMES' Board of Directors has set a 2025 revenue target of CNY 293.54 billion and is focused on maintaining profitability. Furthermore, the company has proposed a CNY 1.56 cash dividend per share, highlighting its focus on shareholder returns.