ICBC Financial Leasing (ICBC FL) is said to have expanded its orderbook with five kamsarmax bulk carrier newbuildings.
Shipbuilding sources said the Beijing-based leasing company has inked the 82,000-dwt ships at Cosco Shipping Heavy Industry Yangzhou Shipyard (Cosco HI) for delivery between the end of 2023 and the first half of 2024.
Officials at Cosco HI and ICBC FL were not available for comment.
Sources said ICBC FL does not order newbuildings on speculation, adding that the five vessels penned at Cosco HI have been placed against employment contracts from a Chinese steel mill company — Shagang. The terms and rates of the charters were not disclosed.
ICBC FL is said to be paying $32.5m each for the ships, which will meet the International Maritime Organization’s Tier III NOx standards.
The vessels are priced at the same level as four 63,000-dwt ultramaxes that were recently inked at New Dayang Shipbuilding by CMB Financial Leasing.
Brokers said Chinese yards are now seeking more than $36m for a kamsarmax bulker newbuilding.
One shipping source familiar with ICBC FL’s deal said the financial company started the newbuilding discussions with Cosco HI last year before the big hike in material costs.
He added that the shipbuilding contract was inked a few months ago but the deal went unreported.
ICBC FL also has eight 210,000-dwt bulk carriers under construction at the yard. Two of the newcastlemaxes were ordered on behalf of Chinese shipowner Zhejiang Xuehai Group and six against long-term charters from Cosco Shipping Bulk — the bulker arm of shipping giant China Cosco Shipping Corp.
Cosco Shipping Bulk needs the 210,000-dwt vessels to transport bauxite from West Africa to China for Aluminium Corp of China.
Cosco HI is slated to deliver the newcastlemax ships this year and in 2023.
On ICBC FL’s homepage, the leasing house says it owns more than 300 vessels worth more than CNY 100bn ($15bn).
