Greater ChinaShipyards

Celsius Shipping returns to Mingde Heavy Industry

Shanghai: Sainty Marine has announced that it has signed shipbuilding contracts with four single vessel companies controlled by Celsius Shipping for the construction of four 24,600dwt chemical tankers at Mingde Heavy Industry.

The total value of the deal is around $160m, with Sainty Marine and Mingde Heavy Industry joint sellers of the ships.

Mingde Heavy Industry is a leading shipbuilder for chemical tankers, with orders for more than 30 chemical tankers on hand. Sainty Marine is currently working to restructure the debt-ridden shipbuilder as its largest creditor.

Celsius Shipping ordered seven chemical tankers at Mingde Heavy Industry in April 2014. Jeppe Jensen, president of Celsius Shipping, said recently in an interview with Splash, “We follow the re-structuring closely. It seems as the re-structuring was necessary. We note that the principal creditor and the appointed administrator manages the process in the best interest of the yard and with the intent to preserve contracts and fulfil the yards obligations. We have reason to believe this is positive for our orders.”

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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