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CMES’s Top Ten News of 2014
Date:2014-12-31 Soure:CMES Click:

 

 

1. A Shareholders’ Agreement was successfully signed between the China Merchants Group and the Sinotrans & CSC on 5th September 2014, pursuant to which a joint venture named China VLCC Company Limited was founded as a subsidiary of CMES and was aimed at building up the world’s largest VLCC fleet consisting of more than 40 vessels in 2 years.

 

 

2. Hong Kong Ming Wah Shipping company limited, a wholly-owned subsidiary of CMES, signed a Strategic Cooperation Framework Agreement with VALE International SA on 26th September 2014, establishing a long-term cooperation with VALE on shipment and transport iron ores mainly from Brazil to China. According to the agreement, Ming Wah and VALE will further enter into a 25-year iron ore COA and Ming Wah is going to order and build 10 new VLOCs for this purpose.

 

 

3. China LNG Shipping (Holdings) Limited, a 50 percent-owned subsidiary of CMES, through a joint venture with Teekay LNG Partners L.P., finalized a package of contracts with YAMAL LNG Project related parties in July 2014, including shipbuilding contracts for 6 icebreaker LNG carriers specifically designed for the project.

 

 

4. 3 old tankers and 8 old bulkers have been scrapped and 5 more newbuild VLCCs have been ordered, as a result of which the company’s fleet has reached an optimized size and composition.3 old tankers and 8 old bulkers have been scrapped and 5 more VLCCs have been ordered, as a result of which the company’s fleet has reached an optimized size and composition.

 

 

 

5. CMES achieved a better performance in the 2014 stock market than any other shipping companies around the world and is intending to implement a directed issue of 576 million additional shares.CMES gave a better performance in the 2014 stock market than any other shipping companies around the world and is intending to implement a directed issue of 576 million additional shares.

 

 

6. The CMES Technology and Innovation Working Group’s original invention of the Turbocharger Cut-Out System, which is used to lower fuel consumption and cut down carbon footprint, was highly rated by the government and the whole industry and was awarded a third Innovation Prize from CMG.The CMES Technology and Innovation Working Group’s original invention of the Turbocharger Cut-Out System, which is used to lower fuel consumption and cut down carbon footprint, was highly rated by the government and the whole industry and was awarded a third Innovation Prize from CMG.

 

 

7. CMES returned to profit in the financial year of 2014 and realized a profit of RMB200million. 

 

 

8. Good progress was made in human resource management, including the recruitment and training of several new employees and a major reform of the remuneration system.

 

 

9. Better corporate governance was achieved by improving and computerizing management systems and documentation skills.

 

 

10. Company culture has been greatly developed through holding a series of team-building activities among both onshore employees and seafarers on board the ships.

 

 

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