Singapore’s Winning Shipping has turned to the shipbuilding market for new tonnage.
The bulker owner and operator, which has been actively acquiring secondhand vessels over the last two years, has ordered two VLOC newbuildings from state-owned Qingdao Beihai Shipbuilding Heavy Industry.
Shipbuilding sources said Winning started working on the order for the large bauxite carriers in 2020.
“It has finally made the move and inked the newbuilding contract,” said one market source.
TradeWinds learned that Winning has opted to have the 325,000-dwt VLOCs powered by conventional marine fuel. But the company holds an option to upgrade them to methanol dual fuel.
The bauxite carriers are custom-made for Winning and designed by CSSC Ship Design and Research Center Co. They will be built to the International Maritime Organizations’ Energy Efficiency Design Index Phase 3 standards.
The price of the VLOCs was not disclosed but Qingdao Beihai managed to “squeeze out two early berths for the project”. The shipyard is scheduled to deliver the duo during the first half of 2026.
Officials at Winning were not available for comment.
Winning’s newbuilding contract is believed to be first VLOC deal to be inked in three years.
The last done deal was in 2020, when Bank of Communications Financial Leasing ordered eight 325,000-dwt Guaibamax vessels — four each Qingdao Beihai Shipbuilding Heavy Industry and privately owned Yangzijiang Shipbuilding.
The Chinese leasing company ordered the octet to service long-term contracts of affreightment for Brazil mining giant Vale. The VLOCs have since been delivered.
A privately owned company, Winning was established in 2002 by Sun Xiushun, who was formerly with Cosco Qingdao. The company began as a trader and ship operator in Qingdao and went on to establish offices in Hong Kong and Singapore. Its core activity is transporting bauxite to China.
“Winning is active on the S&P market but it has to order the VLOCs as there are no secondhand ore carriers for sale,” one shipping source said. “These large ore carriers were ordered against employment contracts.”
Online VesselsValue shows Winning bought four capesize bulk carriers from the secondhand market this year, one last year and two in 2021.
Winning is heavily engaged in the bauxite trades, especially in the West African nation of Guinea, where its parent Winning International Group operates a joint-venture bauxite mine that ships vast quantities of the commodity to China.
The company is believed to be the world’s largest bauxite shipping company, transporting more than 50m tonnes of bauxite a year.
Winning is said to control more than 100 vessels, of which 40 are owned capesize ships.
