Seacon Shipping of China has signed up for two more kamsarmax bulkers at CSSC Guangzhou Huangpu Wenchong Shipbuilding.
The order brings the total number of 85,000-dwt bulker newbuildings that it has booked at the state-owned shipyard to eight.
A Seacon official confirmed the order to TradeWinds, adding that the pair was scheduled for delivery in 2023.
Shipbuilding players familiar with the deal said the duo are optional vessels that Seacon held at Huangpu Wenchong. The earlier six newbuildings were ordered between 2019 and last year. The first vessel is due for delivery at the end of this year and the other five in 2022.
Seacon is believed to be the only company that has signed up for bulker newbuildings at Huangpu Wenchong this year.
The shipyard has had more success in winning containership newbuildings. Greece’s Cosmoship Management and Asia’s China United Lines and Asean Seas Line have signed up for feeder boxships there.
Seacon’s orders are part of it fleet growth and renewal programme.
The company, while declining to disclose the cost of the newbuildings, said they will be built to Tier III emissions standards.
Seacon currently owns a fleet of almost 40 ships. While it is primarily an operator of handymax and panamax bulkers, it has more in other size segments.
In addition, the company also owns small chemical tankers.
Secondhand buys
Seacon has also turned to the secondhand market to expand its fleet.
It recently took delivery of the 14,400-dwt general cargoship Peggy Way (built 2008).
The Higaki Shipbuilding-constructed vessel was acquired early this year from Japan's Setsuyo Kisen and has been renamed Seacon Osaka. VesselsValue estimated the vessel to be worth $6.86m.
Seacon said it was planning to acquire more tweendeckers.
Last year, the company splashed out just over $44m on three Japanese-built capesize bulkers.
The market value of the 207,900-dwt Wen Chang Star (ex-Shin-Ei, built 2008), and 203,200-dwt Qi Ming Star (ex-Pacific Oak, built 2005) and 171,000-dwt Alam Cetus (ex-Aquajoy, built 2003) has risen since Seacon became their new owner, according to data from VesselsValue.
The Universal Shipbuilding-constructed Wen Chang Star was reported to have cost Seacon $18.9m but it is now worth $26.5m, while the Qi Ming Star was acquired at $14.7m and is now valued at $19.95m. The company paid a reported $10.8m for the Alam Cetus, but that ship is now worth $11.6m.
Aside from its shipowning business, Seacon is the third-largest ship manager in China with about 120 vessels under its management.
