Sainty Marine jointly exported 6 wood chip carriers
2013-07-01 09:04
Sunten Shipyard announced on the evening of June 27 that the company, Nantong Mingde Heavy Industry Co., Ltd., and Nantong Runde Shipping Engineering Co., Ltd., as co-sellers, recently signed "Shipbuilding Contracts" with six single-ship companies under Nova Carriers (Singapore) for the business of six woodchip carriers.
According to the announcement, the contracts are for six woodchip carriers, approximately US$38 million per vessel, with a total contract value of approximately 1.4 billion RMB. Estimated over a 3-year contract period, the average annual contract value is about 467 million RMB, equivalent to approximately 18% of the company's 2012 revenue. This series of vessels will be delivered successively until 2016 and will impact the company's future performance.
This series of vessels is a 4.7M cubic feet capacity woodchip carrier jointly developed by Mingde Heavy Industry and Japan's TAIGAI Design Company, and the construction technology is mature.
Mingde Heavy Industry and Runde Shipping are parent-subsidiary companies. Currently, their annual steel processing capacity reaches 300,000 tons, and they have successfully mass-built and delivered similar vessel types, possessing construction capabilities in terms of personnel, technology, and production capacity.
Additionally, Sunten Shipyard announced on the evening of May 8 that it, along with Nantong Mingde Heavy Industry Co., Ltd. and Chengdu Huachuan Import & Export Group Co., Ltd. as co-sellers, signed a "Supplementary Agreement" under the "Shipbuilding Contract" with an overseas buyer for the business of two multi-purpose offshore platform supply vessels.
The total contract value is approximately 900 million RMB. Estimated over a two-year contract period, the average annual contract value is about 450 million RMB, equivalent to approximately 17% of the company's 2012 revenue.
Furthermore, Sunten Shipyard is a leading domestic exporter of feeder vessels. As of the end of January 2011, the company's order backlog for feeder container ships ranked second among domestic shipbuilding enterprises.
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