China Dalian International Corp has ordered three 57,000 dwt supramaxes at a total cost of $101m from an east China shipyard.
The vessels, which will be operated through Singapore subsidiary Da Sin Shipping, will more than double the size of the company’s bulker fleet by 2009.
The ships will be delivered between August and December next year and increase total tonnage from 106,000 dwt to 277,000 dwt.
Company spokesman Han Xiuji declined to disclose details of the shipyard except to say it was a Sino-foreign joint venture in Jiangsu province. Insiders believe it could be Nantong KHI Cosco Ship Engineering.
Mr Han said the newbuildings would be partially financed by the $39.9m generated from the sale in March of the 2003-built, 49,000 dwt bulker Mandarin Glory.
Bank finance will be arranged to cover the balance of the cost of the newbuildings.
China Dalian International said: “The new order can enlarge and improve the age-structure of our fleet and will allow us to grasp the opportunity in the market.”
It now owns a 49,000 dwt bulker which is on time charter. It has another 57,000 dwt newbuilding on order for delivery next year.
The Mandarin Glory has been renamed CK Glory by COAG & KML, which is a joint venture between state-owned China Ocean Aviation Group and Dalian transport outfit Inteh Group.
The vessels, which will be operated through Singapore subsidiary Da Sin Shipping, will more than double the size of the company’s bulker fleet by 2009.
The ships will be delivered between August and December next year and increase total tonnage from 106,000 dwt to 277,000 dwt.
Company spokesman Han Xiuji declined to disclose details of the shipyard except to say it was a Sino-foreign joint venture in Jiangsu province. Insiders believe it could be Nantong KHI Cosco Ship Engineering.
Mr Han said the newbuildings would be partially financed by the $39.9m generated from the sale in March of the 2003-built, 49,000 dwt bulker Mandarin Glory.
Bank finance will be arranged to cover the balance of the cost of the newbuildings.
China Dalian International said: “The new order can enlarge and improve the age-structure of our fleet and will allow us to grasp the opportunity in the market.”
It now owns a 49,000 dwt bulker which is on time charter. It has another 57,000 dwt newbuilding on order for delivery next year.
The Mandarin Glory has been renamed CK Glory by COAG & KML, which is a joint venture between state-owned China Ocean Aviation Group and Dalian transport outfit Inteh Group.