Greater China

Rongsheng signs major shipbuilding contract

Shanghai: Rongsheng Heavy Industries has announced that it has signed a shipbuilding contract for a series of 64,000dwt bulkers with a European shipowner. Including options, the shipbuilding contract is worth about $1bn.

The shipbuilding contract is for up to 36 bulk carriers, which consists of 24 confirmed orders and 12 options. Of the 24 confirmed orders, 18 of them are existing orders with better contractual terms after renegotiation, while the remaining 6 are new orders.These vessels are scheduled to be delivered within the next three years.

The 64,000dwt bulkers are the smallest bulk carrier ever built by Rongsheng in terms of tonnage.

“In view of the current market condition, we will maximize sales efforts to and secure additional orders, and pursue better payment terms of certain existing orders,” said Chen Qiang, chairman and chief executive officer of Rongsheng. [19/05/14]

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