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$205m order for 7 bulk carriers

$205m order for 7 bulk carriers
Jiangsu Hantong Heavy Industry has become the latest Chinese shipbuilder to bag a clutch of newbuilding contracts, with a $205m order for seven bulk carriers.

Jiangsu Hantong Heavy Industry has become the latest Chinese shipbuilder to bag a clutch of newbuilding contracts, with a $205m order for seven bulk carriers.

Jiangsu Hantong Heavy Industry has become the latest Chinese shipbuilder to bag a clutch of newbuilding contracts, with a $205m order for seven bulk carriers.

Following the recent drought of orders, Chinese yards have seen a significant improvement in new business since the beginning of June.

The country"s shipyards received 41 newbuilding orders, totalling 4.7m dwt, in June, according to the China Association of the National Shipbuilding Industry. These orders included Grand China Logistics" contract for 30 bulkers, totalling 4.1m dwt, at Zhoushan Jinhaiwan Shipyard.

Brokers have warned, however, that the number of orders is still limited in comparison with previous years and pointed out that overcapacity remains a concern.

The orders also reveal that vessel prices are well down on previous highs.

Despite all this, more orders are expected to be confirmed imminently.

Earlier reports suggesting that National Iranian Tanker Co was in talks with Dalian Shipbuilding Industry and Shanghai Waigaoqiao Shipbuilding to place newbuilding orders for six very large crude carriers, have now progressed.

Brokers expect a deal that will see between four and six VLCCs built at each yard to be finalised very shortly.

?The Chinese are super-eager to do this, and the banks will come up with some attractive finance scheme to support it,? one China-based broker said.

?Beijing is extremely keen at the moment to support shipbuilding,? the broker said. ?The banks have every Tom, Dick and Harry lining up at the moment, so they can afford be selective. But on deals like this, they are keen.?

The Jiangsu Hantong order to build seven 57,000 dwt bulk carriers was placed by unnamed Southeast Asia shipping companies at a total cost of Yuan1.4bn ($205m). The order value equates to a price of $29.3m per vessel.

Although a welcome addition to the Nantong-based shipbuilder"s orderbook, the price of the newbuildings, for delivery between 2010 and 2011, is more than 40% lower than the $50m price tag attached to similar vessels in September 2008.

According to Clarkson Research Services, Jiangsu Hantong has an order backlog of 45 vessels stretching through to early 2013 delivery. The total value of the yard"s orderbook is thought to be Yuan4bn.

Although two new orders were cancelled at the shipyard this year, a source close to the yard has stressed that its business remains healthy.

?The shipyard took an order worth Yuan200m in March,? he said.

Jiangsu Hantong booked Yuan1.7bn in revenues in the first seven months of 2009, representing a 238% year-on-year increase.

www.TurkishMaritime.com.tr

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