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Yangzijiang wins more newcastlemax orders

Brokers are reporting that American investment firm Mangrove Parners has headed to China for a series of newcastlemax bulkers.

The 2010-founded investment vehicle has signed for two firm 208,000 dwt newcastlemaxes and two options, which are expected to be exercised soon. The firm ships are set for delivery in 2020 and come with a price tag of $48.5m per unit.

Yangzijiang, China’s largest private shipbuilder, has built up the world’s biggest backlog of newcastlemax orders, led by Chinese leasors.

On its site, New York-based Mangrove states its aim is to build a portfolio that concentrates on an “identified subset of systematically underfollowed investments and inefficient markets”.

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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