10 ships, 500 million US dollars! Waigaoqiao Shipbuilding secures another big order

2018-10-08 09:00

Waigaoqiao Shipbuilding has formally signed a contract with Shandong Shipping for the construction of 5+5 Capesize bulk carriers of 180,000 DWT. This is the largest bulk carrier order for Shandong Shipping in recent years, and another major order secured by Waigaoqiao Shipbuilding in its most familiar field.

It is reported that these construction contracts were officially signed last month. The 10 new vessels will be built according to Tier III specifications and will be equipped with exhaust gas scrubbers. All 10 bulk carriers will adopt a Scrubber-Ready design, with deliveries scheduled from 2020 to 2021.

The specific price of the new ships has not been disclosed. However, sources told International Shipnet that the current quotation for Tier III Capesize bulk carriers from domestic shipyards ranges from US$53 million to US$54 million, while Tier II Capesize bulk carriers are US$2 million lower. Therefore, the price for Waigaoqiao Shipbuilding's batch of Capesize bulk carriers is estimated to be around US$53 million, bringing the total order value to US$500 million.

It is reported that Shandong Shipping's Capesize bulk carriers will be chartered to German energy giant RWE on a time charter basis. The charter contract is for 10 years, with the charter rate linked to an index. The charter deal between Shandong Shipping and RWE may involve a relatively low minimum rate, with profit sharing at 50:50 for the first 5 years, but all upside in the latter 5 years will go to RWE. French company BRS is the chartering broker for this deal. However, sources say that Shandong Shipping has indicated to its financiers that it is confident of profiting from this transaction.

This order for Waigaoqiao Shipbuilding will also significantly expand Shandong Shipping's Capesize bulk carrier fleet. Currently, Shandong Shipping's main commercial vessel division owns 14 bulk carriers, including 3 Capesize bulk carriers built by Beichuan Heavy Industry. In addition, Shandong Shipping also owns 11 other types of bulk carriers, including 4 large ore carriers ranging from 250,000 DWT to 262,000 DWT, 4 Panamax bulk carriers, and 3 Ultramax bulk carriers. Furthermore, Shandong Shipping is involved in the LNG carrier and oil tanker markets, and controls a significant number of Kamsarmax bulk carriers through its Singapore joint venture SDTR Marine.

The world's largest jack-up rig owner is born!

Daewoo Shipbuilding & Marine Engineering fights for a large FPSO order

COOKIES

Our website uses cookies and similar technologies to personalize the advertising shown to you and to help you get the best experience on our website. For more information, see our Privacy & Cookie Policy

COOKIES

required

These cookies are necessary for basic functions such as payment. Standard cookies cannot be turned off and do not store any of your information.

analyze

These cookies collect information, such as how many people are using our site or which pages are popular, to help us improve the customer experience. Turning these cookies off will mean we can't collect information to improve your experience.

Feature

These cookies enable the website to provide enhanced functionality and personalization. They may be set by us or by third-party providers whose services we have added to our pages. If you do not allow these cookies, some or all of these services may not function properly.

advertise

These cookies help us understand what you are interested in so that we can show you relevant advertising on other websites. Turning these cookies off will mean we are unable to show you any personalized advertising.

WeChat Official Account

Video account

Douyin account

Business License