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Turkish Ciner spends $74m on pair

Turkish Ciner spends $74m on pair
TURKEY?s Ciner Group has splashed out $74m to order a pair of 82,000 dwt panamax bulk carriers from South Korea?s Hyundai Mipo Dockyard for delivery in 2011.

Ciner spends $74m on panamax bulker pair.

TURKEY"s Ciner Group has splashed out $74m to order a pair of 82,000 dwt panamax bulk carriers from South Korea"s Hyundai Mipo Dockyard for delivery in 2011.

The shipbuilder confirmed the pair of ships were new orders rather than resales.

The deal is the second Hyundai Mipo Dockyard has won so far this year and follows on from $36m worth of contracts for two 6,000 dwt asphalt carriers placed in January.

But one Seoul-based analyst said the $110m total value of the orders was ?still a long way from management"s 2010 estimated order target of $2.3bn?.

The shipbuilder has a total outstanding orderbook worth $11.4bn which will keep Hyundai Mipo Dockyard busy for the next three years.

The deal was among six newbuilding contracts placed with South Korean shipyards in the past week.

Brokers said the latest included a $51m order placed by Greek operator S Frangoulis at SPP Shipbuilding for a pair of 35,000 dwt bulkers with delivery in 2011.

SPP Shipbuilding has also inked deals with Iason Holdings, Modion, Goldenport and Target worth a total of $214m for six 82,000 dwt bulkers.

Other orders include a $38.4m worth of deals from Shenzhen Southern China LPG Shipping at Taizhou Wuzhou Shipyard in Zhejiang province for three 3,500 cu m liquefied petroleum gas carriers that will all be delivered in 2011.

www.turkishmaritime.com.tr

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