John Fredriksen’s private Seatankers Management has returned to Qingdao Yangfan Shipbuilding for a series of bulker newbuildings.
The order follows an active start to the year for Fredriksen’s main private shipowning vehicle, with major tanker orders and asset plays in the offshore space.
It is also the company’s first large bulk carrier newbuilding contract for six years.
Cyprus-based Seatankers is said to have commissioned the Chinese yard, also known as Qingdao Shipyard, to build four scrubber-fitted newcastlemaxes.
It is said to be paying between $68m and $68.5m each.
Shipbuilding brokers said the 210,000-dwt bulkers are conventionally fuelled vessels slated to be delivered in 2027 and 2028.
The fuel choice continues the trend for Seatankers to stick to conventional marine fuel with its investments in new tonnage.
Clarksons’ Shipping Intelligence Network shows Seatankers has 13 other newbuildings under construction at Chinese shipyards: six VLCCs, three LR2 tankers and four 82,000-dwt kamsarmax bulkers. They will all run on conventional fuel.
The order at Qingdao Yangfan is believed to be Seatankers’ first large bulker deal since 2018 — when it ordered six newbuildings with New Times Shipbuilding and four ships with Bohai Shipbuilding Heavy Industry.
The 10 vessels were reported to cost about $45m each. The low price was due to a slowdown in the shipbuilding market in 2018.
The ships were delivered in 2019 and 2020. VesselsValue shows they are currently under the control of Oslo-listed Golden Ocean Group, in which Fredriksen is the major shareholder.
Continued patronage
Fredriksen is a repeat customer for the yard, where he has four kamsarmaxes under construction.
Seatankers ordered the quartet last May for a reported price of around $33m apiece for delivery next year and in 2026.
Qingdao Yangfan was established in 2008 by Beijing-based industrials company Jianlong Group and state-owned Qingdao Huatong Group, but it stopped building vessels in 2016 after cash flow problems.
In 2018, the shipyard was bailed out by minority shareholder Qingdao Huatong Group when major shareholder Jianlong Group quit the yard.
After the bailout, Qingdao Yangfan completed two half-built newcastlemax bulkers that Trafigura originally ordered.
It officially returned to shipbuilding in late 2020, when Compagnie Maritime Belge ordered 5,900-teu newbuildings.
