Three Chinese shipyards split an order for six bulk carriers? The shipyards are too busy.

2023-05-29 09:00

Turkish shipowner Densay Shipping has ordered six Ultramax bulk carriers from three Chinese shipyards, with a total value of US$195 million (approximately RMB 1.375 billion).

According to foreign media reports, Densay has signed contracts with China Merchants Industry Nanjing Jinling, Nantong Xiangyu Haizhuang, and Xin Dayang Shipbuilding for two 63,000-dwt bulk carriers each. The new vessels will be delivered between 2024 and 2025. Each vessel will cost between US$32 million and US$32.5 million.

All six vessels will be equipped with exhaust gas cleaning systems and will be designed to be ammonia-ready, meeting the requirements of the International Maritime Organization's Energy Efficiency Design Index (EEDI) Phase 3 and NOx Tier 3 regulations.

According to Clarksons data, Densay currently owns 39 vessels, including 33 bulk carriers, four open hatch carriers, one product tanker, and one chemical tanker, with a total carrying capacity of approximately 2.43 million dwt. In addition to the latest order from the three Chinese shipyards mentioned above, the company has also ordered one 63,730-dwt Ultramax bulk carrier from Minami Nippon Shipbuilding, scheduled for delivery and operation in June 2023.

Nanjing Jinling and Xiangyu Haizhuang are not unfamiliar to Densay. According to International Ship Network, Densay ordered a total of 10 bulk carriers from Nanjing Jinling between 2010 and 2020, including two 57,000 DWT, two 82,000 DWT, three 64,000 DWT, and three 63,500 DWT bulk carriers. In addition, the company signed a contract with Xiangyu Haizhuang in 2020 for three 63,500-dwt Ultramax bulk carriers. However, Densay has not previously ordered new vessels from Xin Dayang Shipbuilding. However, the CROWN 63 series 63,000-dwt bulk carrier is a "star" product of Xin Dayang Shipbuilding, with nearly 100 vessels of this type built and delivered. Recently, Xin Dayang Shipbuilding just delivered the last vessel of the CROWN 63 2.0 version. As of now, Xin Dayang Shipbuilding has received a total of 43 orders for the CROWN 63 3.0 version.

Clarksons' data shows that Nanjing Jinling currently has a total backlog of 39 vessels with 1.388 million dwt, including four bulk carriers, nine container ships, six methanol-fueled vessels, 18 car carriers, and two ro-ro vessels, with delivery dates extending to 2026. Xiangyu Haizhuang has a current backlog of 37 vessels with 2.3845 million dwt, including 35 bulk carriers and two open hatch carriers, with delivery dates extending to 2025. Xin Dayang Shipbuilding has a current backlog of 56 vessels with 3.2346 million dwt, including 51 bulk carriers, four container ships, and one multi-purpose supply vessel (MSV), with delivery dates extending to 2025.

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