 In March 2016, it was reported that three Chinese companies China Ocean Shipping (Group) Company (COSCO), China Merchants Energy Shipping and Industrial and Commercial Bank of China (ICBC) had ordered ten "Valemax" vessels each from four Chinese shipyards with a total price of US$2.5 billion.The "Valemax" ships ordered by China Merchants Energy Shipping would be built by Shanghai Waigaoqiao Shipbuilding (4 ships), Qingdao Beihai Shipbuilding (4 ships), and China Merchants Group-controlled China Merchants Heavy Industry (Jiangsu) (2 ships).China COSCO Shipping Corporation awarded the construction of all of its ten 400,000-ton ore carriers to Shanghai Waigaoqiao Shipbuilding.