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FrontMarine orders eight ultramaxes at New Times

Cyprus’s FrontMarine is in for eight 63,000 dwt bulkers at New Times Shipbuilding with brokers Allied reporting a cheap price of $26m per unit. The tier III ultramaxes are due for 2020 delivery with options included.

FrontMarine knows the Chinese yard well, having ordered a quartet of supramaxes there in 2013.

FrontMarine was created by the founders of another Cypriot shipping company, Lemissoler. Its aim is to get investors to come on in single purpose vehicles and on its website FrontMarine says it ultimately wants to list.

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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