South Korea’s Kukje Maritime Investment Corp (Kmarin) is said to be reviving an order for a series of VLOC newbuildings with the backing of a major Chinese leasing company.
Shipbuilding players said Kmarin has inked a letter of intent with two Chinese shipyards for up to eight 325,000-dwt Guaibamax vessels.
State-owned Qingdao Beihai Shipbuilding Heavy Industry and privately owned Yangzijiang Shipbuilding have each been asked to construct two to four ships.
Kmarin is ordering the ore carriers on the back of long-term contracts of affreightment with Brazilian mining giant Vale.
News that the Seoul-based shipowner was looking to order the VLOCs surfaced early last year.
Preliminary talks
At the time, the company was reported to be seeking up to 10 vessels. However, it was thought to have ditched the plan due to a lack of finance and personnel changes at Vale.
With the plan back on the table, TradeWinds understands that Kmarin has turned to a close financial partner — Bank of Communications Financial Leasing (Bocomm Leasing) — to finance the Guaibamaxes.
A Bocomm Leasing official confirmed that talks are being held with Kmarin and that, if finalised, the deal would cover a total of at least four ships at Qingdao Beihai and Yangzijiang.
However, the official said talks are at a preliminary stage. He denied market rumours that Bocomm Leasing would take over the order and underscored that Kmarin remains the contracting party with the shipyards and Vale.
Officials at Yangzijiang and Qingdao Beihai declined to comment.
If Kmarin were to finalise the newbuilding deals, they would lift to 40 the number of 325,000-dwt ore carriers under construction at shipyards in the Far East.
Companies that have VLOCs on order include Polaris Shipping, Pan Ocean Shipping, Korea Line, H-Line Shipping, SK Shipping, VLOC Holding, China Ore Shipping and U-Ming Marine Transport.
