Bocimar is said to be acquiring two resale newcastlemax newbuildings and ordering ore carriers at an estimated total cost of more than $360m.
The Saverys family-controlled company is purchasing a pair of 206,000-dwt bulkers that are under construction at Qingdao Yangfan, according to shipbuilding sources. It is said to be paying more than $50m each for the ships, originally ordered by Trafigura in 2014.
Managing director Benoit Timmermans confirmed that Bocimar is talking to the Chinese shipyard about the resale deal but did not confirm whether it has been concluded.
Bocimar is also said to have signed a letter of intent with Qingdao Beihai Shipbuilding Heavy Industry for up to four ore carriers, although the owner denies the speculation.
Sources say the company intends to order two firm 262,000-dwt vessels built to the new IMO Tier III emissions standards and take out two options. Delivery dates are “likely in 2020”. “If the technical and financing discussions go well, we think Bocimar and the shipyard may be able to conclude the newbuilding contract for the ore carriers before the year ends,” one shipbuilding source said.
Sharp denial
However, Timmermans sharply denied the order and said Bocimar is not working on a specific newbuilding project.
The Saverys family has stayed away from ordering large bulkers for nearly four years. The last time it ordered new vessels was in 2015 through Compagnie Maritime Belge, when it contracted Imabari Shipbuilding to build five capesizes.
The Saverys family has stayed away from ordering large bulkers for at least four years
The newcastlemaxes that Bocimar is reportedly buying were originally placed by Trafigura as an order for four vessels at a reported price of $55m each with deliveries in 2015 and 2016. However, Qingdao Yangfan did not deliver them on schedule as it got into financial difficulties and shipbuilding activities were halted.
Qingdao Yangfan underwent restructuring and was bailed out by its major shareholder, Jainlong Group, early this year. Set up in 2008, it was the first non-state-owned shipbuilder to build military vessels for the Chinese government.
Clarkson’s Shipping Intelligence Network says Bocimar has a fleet of 30 bulkers, ranging from handysize to newcastlemaxes but does not own any ore carriers. It also says Bocimar has a 208,000-dwt bulker under construction at Imabari that was ordered as part of a 2014 contract.
In 2015, Bocimar held talks with Fortescue Metals Group to buy a 50% interest in eight VLOC newbuildings worth $555m that the miner would order in China. However, the project never materialised.
