The order for 9 VLOCs for the CSSC Huangpu Wenchong shipyard's Vale project has been finalized.

2017-10-05 09:00

Following Hyundai Heavy Industries Confirmed receipt of an order for 10+5 VLOCs, and the second order for Vale's 30 VLOCs will also be finalized.

According to TradeWinds, ICBC Leasing and Cosco Shipping are about to place an order in Qingdao China Shipbuilding Industry Corporation (CSIC) to build 6+3 VLOCs with a deadweight of 325,000 tons, with a total value of US$675 million.

This order will be the second time that ICBC Leasing and Cosco Shipping have engaged in such financial cooperation. It is reported that this financing lease transaction has a complex structure, with both parties holding equity.

Sources revealed that this construction contract is currently only awaiting Vale's formal confirmation. Similar to the previous order from Hyundai Heavy Industries, these "LNG-ready" VLOCs meet the International Maritime Organization (IMO) Tier III emission standards, with a single ship price exceeding US$75 million. All ships, including optional orders, will be delivered between the end of 2019 and 2021.

Previously, it was reported that Vale had signed long-term charter contracts (COA) with seven shipping companies to build at least 30 VLOCs. These seven shipping companies include Polaris Shipping of South Korea, Pacific Basin Shipping, H-Line Shipping, SK Shipping, and Daehan Shipping, as well as ICBC Leasing and China Minerals and Metals Transport. The charter contracts are for 20 to 25 years. Among them, Polaris will order 10 VLOCs, followed by ICBC Leasing, which will order 6. China Minerals and Metals Transport and Pacific Basin Shipping will each order 4, while H-Line Shipping, SK Shipping, and Daehan Shipping will each order 2. The specific prices of the charter contracts have not been disclosed.

On September 26, Hyundai Heavy Industries announced that it had signed a contract with Polaris Shipping for the construction of 10+5 VLOCs. In addition to Hyundai Heavy Industries and CSIC, Chinese shipyards currently negotiating with relevant shipping companies include Yangzijiang Shipbuilding 、 Dalian Shipbuilding Industry Company 、 Bohai Shipbuilding Heavy Industry 、 Shanghai Waigaoqiao Shipbuilding In addition to Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries is also said to have started negotiations.

ICBC Leasing and Cosco Shipping previously cooperated to purchase 4 existing 400,000-ton Valemax VLOCs and ordered an additional 10, the first of which was built by CSIC and is expected to be delivered next September.

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