Singapore-listed Yangzijiang Shipbuilding has continued to rake in newbuilding contracts by securing two more VLOCs from South Korea’s Kukje Maritime Investment Corp (Kmarin).
The order brings the total number of 325,000-dwt ore carriers the shipowning and managing company has at the shipyard to four.
Officials at the Jiangsu-based shipyard declined to comment further when contacted, citing contract confidentiality.
Kmarin’s latest pair of newbuildings were options it held at Yangzijiang.
It has ordered the quartet on the back of long-term contracts of affreightment from mining giant Vale. The period of contract is believed to be more than 20 years.
The 325,000-dwt ore carriers — known as Guaibamaxes — will be LNG-ready and meet the IMO Tier III's NOx emissions standards. Kmarin is said to be paying close to $75m per ship.
Industry players say Yangzijiang is scheduled to deliver the VLOCs in 2021.
Kmarin also has two similar size ore carriers under construction at Qingdao Beihai Shipbuilding Heavy Industry for delivery in August and November 2021. The duo is also backed by Vale’s long-term employment.
Like many shipping companies, Kmarin has tapped the growth of Chinese leasing companies to finance the newbuildings. Bank of Communications Financial Leasing is believed to be the financing the newbuildings.
Earlier this month, Yangzijiang landed three kamsarmax bulker newbuildings from two shipping companies in Japan for 2021 delivery. One of the 82,000-dwt bulk carriers was booked by Kambara Kisen — the shipowning arm of Tsuneishi Shipbuilding.
All three kamsarmaxes will be built at Yangzijiang’s Taicang yard, where Jiangsu Yangzi-Mitsui Shipbuilding Co is also based.
