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Yangzijiang wins order for up to 10 newcastlemaxes

Yangzijiang wins order for up to 10 newcastlemaxes

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China’s growing array of leasors are adding to the global bulker orderbook. Clarkson Research reports in its latest weekly report that Jiangsu New Yangzijiang has signed a contract with China Development Bank Leasing for five firm plus five optional 208,000 dwt newcastlemaxes. The firm units are due to be delivered in 2019 and 2020 and upon delivery will go on charter to Cargill. Yangzijiang has become a market leader in the construction of newcastlemaxes in recent years.

China’s leasors are rapidly filling the gap in ship finance left by exiting European banks. Last year 13 of the top 23 lenders worldwide were Chinese banks or leasing companies.

Writing for Splash last month, ship finance veteran Dagfinn Lunde commented: “China has done well filling the ship finance gap left by many European banks. The fact is shipping is not short of available loans, you just have to look east. The taps get turned on to keep yards busy.”

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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