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Mangrove Partners exercises newcastlemax options at Yangzijiang Shipbuilding

US-based investment firm Mangrove Partners is said to have placed an order at China’s Yangzijiang Shipbuilding for the construction of two 208,000 dwt bulkers.

According to broker Intermodal, the two ships are options exercised by Mangrove Partners following the company’s initial order of two newcastlemaxes at the yard in June with a price tag of $48.5m per unit.

Delivery of the two options is scheduled for 2020.

“Despite the fact that this order is an option exercised by the owner, Mangrove Partners, it stands out as the previous order in this size was also placed by the same owner a couple of months back, a fact that highlights that positive sentiment has been sustained throughout the summer season,” Intermodal said in its latest weekly report.

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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