Cosco prepares to pen yet more bulker newbuildings
Up to six kamsarmaxes are under discussion at Tianjin Xingang as the Chinese owner is estimated to have booked in excess of 40 newbuildings so far this year
Ma Zehua, president of Cosco.
Chinese state-owned giant Cosco Group is said to be in talks with Tianjin Xingang Shipbuilding Heavy Industries for more kamsarmax bulkers.
The company booked six similar vessels at Chengxi Shipyard last month.
Informed sources say the discussions are at the “final stage” and that Cosco will order between four and six units. They add that the delivery dates are scheduled for the end of 2016 and early 2017.
State-owned Tianjin Xingang comes under the umbrella of northern group China Shipbuilding Industry Co (CSIC). If the order goes ahead, it will be Tianjin Xingang’s first for kamsarmaxes, although it has in the past built panamax bulkers.
Last month, Cosco, through subsidiary Property Investment, went to Chengxi for six 81,600-dwt vessels to be delivered in 2016 and 2017. It is paying $31.48m apiece for the sextet.
Market players say the Jiangyin-based yard will build the kamsarmaxes in the drydock it has leased from neighbouring yard Huatai Heavy Industry.
Chengxi is also building four 38,800-dwt handysizes and a quartet of 64,000-dwt ultramaxes for Cosco. These newbuildings, together costing $231m, were booked three months ago and are slated for delivery in 2016.
Cosco has also signed up for four 208,000-dwt newcastlemaxes at Shanghai Waigaoqiao Shipbuilding (SWS) at a total price of $231.16m that are to be delivered in 2017.
In the boxship space, Cosco has gone to Hudong-Zhonghua Shipbuilding-controlled Jiangnan Changxing for five ships of 14,500 teu for 2017 and 2018 delivery, at a cost of $123.6m each.
Sources estimate that Cosco has signed up for more than 40 newbuildings — mostly bulkers — over the past nine months. The majority have been inked at state-owned yards as Cosco benefits from government shipbuilding subsidies.
Vesselsvalue.com estimates the shipping giant’s orderbook to be worth $2.368bn.
source:www.tradewindsnews.com
