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Cargill and Mitsui team up for new China cape foray

Agricultural commodities giant Cargill has teamed up once again with Japanese trading house Mitsui & Co to take advantage of very low newbuild prices in China, ordering up to six capesizes.

The pair – via their joint venture Great Wave Navigation – have tapped Jiangsu New Yangzijiang, according to Clarkson Research, to build three 180,000 dwt capes. The contract comes with three options. Price per unit is reportedly $41.6m with delivery of the firm ships scheduled for 2019.

Cargill and Mitsui last ordered ships together four years ago, inking a contract with Shanghai Waigaoqiao Shipbuilding for three capes. The trio were sold on as resales to Scorpio Bulk.

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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