CDB Leasing signs for 12 ultramaxes at relaunched New Dayang Shipbuilding

CDB Leasing, the leasing unit of China Development Bank, has signed a letter of intent with New Dayang Shipbuilding for the construction of twelve 63,500 dwt ultramax bulk carriers.

The LOI was signed during New Dayang Shipbuilding’s inauguration ceremony yesterday after the shipyard, formerly known as Dayang Shipbuilding, a bankrupt affiliate yard of Sinopacific Shipbuilding, completed a restructuring with new investor SUMEC group.

According to Jin Yongchuan, president of New Dayang, the shipyard’s short term goal is to return to profit within three years.

Since the shipyard entered restructuring this year, it has secured newbuilding orders for 11 bulkers in total including an order from AVIC International Leasing for eight 63,500 dwt bulkers secured in October.

CDB Leasing currently owns a fleet of 32 vessels made up of 30 bulkers, one tanker and one LPG carrier, and it also has 12 capesize bulkers on order at domestic yards.