Yangtze River Shipbuilding's order for 10 bulk carriers surfaces

2014-08-05 09:00

According to TradeWinds, Iran's largest grain importer, Governmental Trading Corp (GTC), will Yangzijiang Shipbuilding ( Location Comment News order 10 Kamsarmax Bulk Carriers ( Ship Type Shipyard Trading Industry insiders revealed that this order includes 6 Kamsarmax bulk carriers with self-unloading equipment and 4 Kamsarmax bulk carriers without self-unloading equipment. Currently, the order is still under negotiation and has not been officially signed.

However, the actual ship ordering company is not an Iranian company. Sources said that Yangzijiang Shipbuilding emphasized that its client is a Middle Eastern shipowner, not an Iranian company. It is understood that these 10 ships were ordered through a company registered in the UAE and have all signed long-term leases with GTC. The UAE-registered company that ordered the ships is owned by an Iranian businessman residing in London.

Several weeks ago, it was reported that Yangzijiang Shipbuilding might sign a contract with an Iranian company for the construction of 10 new ships. At that time, the market speculated that the ordering party was Iran's IRISL (Islamic Republic of Iran Shipping Lines), and the estimated total order value was approximately US$322 million. However, it is understood that Yangzijiang Shipbuilding's asking price is slightly higher than the previous market estimates. Among them, the price of 6 new ships with self-unloading equipment is US$34 million per ship, and the price of the other 4 ships is US$32 million per ship, with a total price of approximately US$332 million.

Western sanctions on Iran typically do not include grain imports, and many sanctions measures have been relaxed in recent years. Despite this, factors such as restricted bank transactions still hinder Iran's trade. At the same time, brokers or other intermediaries often face legal risks when cooperating with Iranian shipping companies.

Al Arabiya News recently reported that since March this year, GTC has imported approximately 2 million tons of wheat, most of which was exported from Australia, and the rest from Germany, Lithuania, Poland, and Russia. Iranian private importers usually use river transport, starting from the Volga River and transporting goods via the Caspian Sea. Due to the relatively small import volume, these private importers do not affect the dominant position of GTC or the feed importer State Livestock Affairs Logistics.

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