Joint venture firm China VLCC has lined up time charters for two of its VLCCs with each going to oil majors BP and Shell, China Merchants Energy Shipping (CMES) announced on Tuesday.

China VLCC is a joint venture between China Merchants Energy Shipping owning 51% stake and Sinotrans & CSC Group owning 49% stake.

The brief CMES statement revealed that the two-year charter deals are valued at approximately RMB360m ($57.6m) in total.

CMES has provided nine operational VLCCs and 10 VLCC newbuild contracts to the joint venture China VLCC, while Sinotrans & CSC will pump in around $543.78m in cash.