Dry CargoGreater ChinaShipyards

Chinese dominate limited dry bulk newbuild orders

Dry bulk newbuild orders have been thin on the ground over the past week. Chinese owners remain the most bullish.
Seacon Shipping has exercised the final options for two 84,700 dwt ultramaxes at Huangpu Wenchong for delivery in 2023.

The order is an option exercised by the company as part of a 4+4 newbuilding contract Seacon signed with the shipyard in 2019.

Qingdao-headquartered Seacon Shipping is the largest third party shipmanagement company in China. The company acquired four secondhand bulkers last year, three capesize bulkers and one panamax bulker, bringing the fleet to around 40 vessels.

Elsewhere, Hunan Shunda International has contracted New Dayang to build a 59,000 dwt ultramax also for 2023 delivery. The ship is bound for the intra-China trades.

“The bullish sentiment still dominates the segment and thus we expect interest from buyers to remain strong in the coming weeks. Nevertheless, the rising momentum noted in newbuilding prices, nourished from the increased demand, are slowly trimming some of this interest,” researchers at Allied Shipbroking noted in the company’s most recent weekly report.

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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