Russian's Far Eastern Shipping Co (Fesco) is jumping on the supramax-bulker bandwagon with a series of newbuildings in China.
Market players say the fast-expanding company has returned to Jinling Shipyard for four 57,000-dwt units for delivery in 2010. The bulkers, which will not be built to the enhanced performance standards for protective coatings (PSPC), are said to be costing between $36m and $37m per ship.
Russia's largest containership operator, Fesco operates a tramp fleet of 39 ships. The supramax newbuildings at Jinling will be the company's biggest bulkers. The Clarkson database lists Fesco's current largest bulkers as four handysizes of 33,800 dwt to 37,200 dwt.
Fesco went to China in 2004 when it contracted six 1,100-teu boxships at Jinling for about $19m each. The shipbuilder has since delivered four and is set to hand over the remaining two next year.
Meanwhile, Vladivostok-based Fesco also has four 1,831-teu boxships under construction at Kouan Shipyard in China. They are slated for delivery from late 2007 through to early 2009.
The company also has four 3,100-teu and three 1,700-teu containerships under construction at Poland's Szczecin Shipyard. They are all set for delivery in 2008 and 2009.
Last month, Fesco announced it had logged gigantic earnings for 2006. Net profit jumped from just $11.25m in 2005 to $68.9m. Fesco expanded into railway services and container terminals last year through a number of large acquisitions. The company was said to have spent $275m to buy a 50% stake in terminal operator National Container Co, another $84m on 50% of the stock in railway oufit Transgarant and $8m on stock in Trans-Siberian Railway.
Market players say the fast-expanding company has returned to Jinling Shipyard for four 57,000-dwt units for delivery in 2010. The bulkers, which will not be built to the enhanced performance standards for protective coatings (PSPC), are said to be costing between $36m and $37m per ship.
Russia's largest containership operator, Fesco operates a tramp fleet of 39 ships. The supramax newbuildings at Jinling will be the company's biggest bulkers. The Clarkson database lists Fesco's current largest bulkers as four handysizes of 33,800 dwt to 37,200 dwt.
Fesco went to China in 2004 when it contracted six 1,100-teu boxships at Jinling for about $19m each. The shipbuilder has since delivered four and is set to hand over the remaining two next year.
Meanwhile, Vladivostok-based Fesco also has four 1,831-teu boxships under construction at Kouan Shipyard in China. They are slated for delivery from late 2007 through to early 2009.
The company also has four 3,100-teu and three 1,700-teu containerships under construction at Poland's Szczecin Shipyard. They are all set for delivery in 2008 and 2009.
Last month, Fesco announced it had logged gigantic earnings for 2006. Net profit jumped from just $11.25m in 2005 to $68.9m. Fesco expanded into railway services and container terminals last year through a number of large acquisitions. The company was said to have spent $275m to buy a 50% stake in terminal operator National Container Co, another $84m on 50% of the stock in railway oufit Transgarant and $8m on stock in Trans-Siberian Railway.